BitGo Receives Conditional OCC Approval to Convert South Dakota Trust into National Bank

Crypto custodian BitGo received conditional approval from the U.S. Office of the Comptroller of the Currency on Dec. 13 to become a banking institution, The Wall Street Journal reports. Once final approval is secured, the company plans to convert its South Dakota-chartered trust company into a federally chartered national trust bank. The new entity would be able to custody digital assets and certain non-deposit financial assets, and offer regulated crypto-related services without needing state-by-state authorization, BitGo said.