Crypto.com Seeks U.S. National Trust Bank Charter, Aiming for Institutional Crypto Position

HKAN | Oct 26

In a significant regulatory move, Crypto.com has filed an application for a National Trust Bank charter with the U.S. Office of the Comptroller of the Currency (OCC). The filing marks a strategic pivot toward offering institution-grade crypto custody, staking and trust services under federal oversight.

Key Details

• The charter request is aimed at expanding Crypto.com’s custody and staking infrastructure to serve large institutional clients such as digital-asset treasuries, ETFs and professional advisers.

• If approved, the charter would allow the firm to offer trust-company services nationwide — subject to OCC supervision — rather than relying solely on state-by-state trust or custodian licences.

• Crypto.com emphasises that the application does not mean it will become a full-scale commercial bank taking deposits or issuing loans; the focus remains on digital-asset custody, safekeeping and related fiduciary services.

• This application places Crypto.com alongside other major crypto-firms that are actively pursuing federal charters — an indication that the industry is seeking integration with traditional financial regulatory frameworks.

Why It Matters

• Institutional-level credibility: A federal charter would enhance Crypto.com’s appeal to institutional clients that require regulated counterparties, audited custody, and robust oversight in their crypto operations.

• Regulatory alignment: Moving under the OCC — rather than only state supervision — simplifies the regulatory environment, potentially reducing complexity and cost for offering services nationwide.

• Competitive positioning: As crypto firms race for regulation and infrastructure status, securing a charter could offer Crypto.com an early-mover advantage in the institutional custody and staking space.

• Market infrastructure implications: The effort hints at broader shifts in how digital-asset custody and trust services are structured in the U.S., bridging crypto-native firms into mainstream financial operations.

What to Watch Next

• Review outcome: Monitor how long the charter review takes, whether any conditions are imposed by the OCC, and how quickly Crypto.com expands its institutional product line-up post-approval.

• Product rollout: Watch for announcements about new services enabled by the charter — such as institutional staking, tokenised asset custody, or trust services across blockchains.

• Regulatory interplay: Assess how the charter fits with other U.S. crypto-regulation developments (by the Securities and Exchange Commission, Commodity Futures Trading Commission, etc.), and whether it gives Crypto.com an edge in compliance or market access.

• Industry response: See how other crypto firms react — whether they accelerate similar filings, or form partnerships with charter-holders to access institutional clients.