Crypto.com Receives Conditional OCC Approval for National Bank Charter

Crypto.com received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) on February 23 to proceed with its application for a federal charter as a national bank, The Block reports. The approval would enable the company to offer digital asset custody and staking services under federal regulatory framework, with Cofounder and CEO Kris Marszalek saying it brings the firm closer to providing institutional clients with a one-stop qualified custodian operating under federal regulation. Crypto.com joins Ripple, Circle, BitGo, Fidelity Digital Assets and Paxos in receiving conditional OCC approval for federal banking status. A national trust bank charter would place the company under federal oversight rather than state-level regulation and authorize it to custody and safeguard client assets; over the past year, the OCC clarified that U.S. banks may buy and sell crypto assets on their own behalf and rescinded certain prior restrictions to ease compliance burdens for crypto-related activities, according to The Block.