Federal approval positions Crypto.com to provide institutional digital asset custody under a single U.S. regulatory framework.
Crypto.com received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) on Monday to charter a federally regulated national trust bank.
The approval paves the way for the establishment of Foris Dax National Trust Bank, which will operate as Crypto.com National Trust Bank once it obtains full authorization.
The milestone marks a key step in the company’s effort to bring its custody and digital asset services under federal oversight.
Path to Federal Regulation and Institutional Custody
Crypto.com already operates a qualified custodian, Crypto.com Custody Trust Co., under New Hampshire state regulation. The OCC charter would consolidate its institutional custody services under a single federal framework, reducing compliance complexity and operational friction for large-scale clients.
This allows Crypto.com to offer federally regulated custody, staking across multiple blockchains, including its Cronos network, and trade settlement services under a national trust structure. The charter focuses on trust services rather than traditional banking activities such as deposits or lending.
“This milestone brings us a major step closer to meeting leading institutions’ needs for a one-stop-shop qualified custodian under a gold standard of federal oversight,” said Kris Marszalek, Co-Founder and CEO of Crypto.com. The company submitted its application to the OCC in October.
Regulatory Context and Industry Momentum
The OCC’s approval reflects a broader trend of national trust bank charters for crypto and fintech firms. Several similar conditional approvals have been granted in recent months, signaling a more engagement-oriented federal stance.
Earlier this month, Stripe’s Bridge stablecoin unit received a conditional OCC approval. In December, the OCC conditionally approved national trust bank applications from Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos, joining the growing roster of crypto firms pursuing federally regulated custody services.
Why This Matters
Institutional clients such as asset managers, ETFs, and hedge funds would have access to a single federally regulated custodian, which could make compliance and operations simpler. The national trust charter consolidates oversight, allowing Crypto.com to handle large-scale digital asset holdings under one regulatory framework.
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