Morgan Stanley Seeks National Trust Bank Charter for Direct Crypto Custody

Morgan Stanley's bid to become a national trust bank marks a major shift in the competitive landscape of the digital asset space.

The $9 trillion banking giant filed its de novo application with the Office of the Comptroller of the Currency on February 18, which would grant it permission to provide direct cryptocurrency custody for its institutional clients. If approved, this would transform Morgan Stanley into a direct competitor to crypto-native custodians such as BitGo and Anchorage Digital.

The filing also outlines ambitious plans to offer custody, trading, and staking services under one roof. This represents a significant departure from traditional banking regulations, which have previously been restrictive for traditional financial institutions entering the digital asset space.