Another crypto firm, Crypto.com, has secured conditional approval from the Office of the Comptroller of the Currency to pursue a federally chartered national bank license in the future.
The exchange said Monday that the approval allows it to offer digital asset custody and staking services under a federal framework.
“This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com,” said Kris Marszalek, co-founder and CEO of Crypto.com, in a statement. “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.”
Crypto.com is now the latest firm to receive conditional approval as it seeks to become a federally regulated bank, following Bridge last week, and earlier Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos. A national trust bank charter places firms under federal supervision rather than a patchwork of state regulators and authorizes them to custody and safeguard client assets.
Over the past year, under a presidential administration seen as more supportive of the digital asset industry, the OCC has clarified that U.S banks can buy and sell crypto assets on their behalf and has rescinded past policies, saying it aimed to reduce the burden on banks engaging in crypto-related activities.
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