Crypto.com Seeks US National Trust Bank Charter for Expansion
Background: Crypto.com Applies for US National Trust Bank Charter
Crypto.com has formally applied for a US National Trust Bank Charter, aiming to boost its federally regulated digital asset custody and staking services in the United States. The Singapore-based crypto exchange announced this move on Friday, stating its intention to provide custody solutions for digital asset treasuries, exchange-traded funds (ETFs), and a range of institutional and corporate clients under the oversight of the Office of the Comptroller of the Currency (OCC).
Currently, Crypto.com holds a state trust license in New Hampshire. The firm’s new application marks its attempt to secure federal approval that would authorize nationwide operations under the US banking framework, though not as a traditional deposit-taking or lending bank.
Understanding the National Trust Bank Charter
The National Trust Bank Charter, regulated by the OCC, enables organizations to operate as limited-purpose trust banks. Unlike conventional banks, trust banks do not accept deposits or issue loans. Their primary function is to hold, manage, and safeguard assets on behalf of clients—a service increasingly relevant to digital asset firms like Crypto.com embracing expanded institutional demand.
“Our aim is to offer institutional clients secure and compliant custody solutions on a national scale,” the company shared in its announcement, as reported by Cointelegraph. A national charter would also position Crypto.com to serve emerging sectors, including the growing market for digital asset-backed ETFs.
Market Reaction and Industry Context
Crypto.com’s application follows other crypto sector leaders pursuing similar federal charters to reinforce trust and regulatory clarity in the US market. In 2021, Anchorage Digital Bank became the first digital asset bank to operate under a National Trust Bank Charter. Paxos received preliminary conditional approval that same year, while Coinbase filed a related application in October 2023. Coinbase emphasized the importance of “regulatory clarity” as a foundation for launching new products for US customers.
The push for National Trust Bank Charters reflects broader industry efforts to meet evolving regulatory standards while expanding custody, institutional and staking offerings. Beyond Crypto.com, firms such as BitGo and Circle have also pursued federal licensing frameworks, as noted in prior Cointelegraph reporting.
What’s Next for Crypto.com’s US Expansion?
With the application now under review by the OCC, Crypto.com is aiming to further its reach into the US digital asset market by obtaining a federal trust charter. If approved, the company would be able to offer custody and related services to institutional clients across all 50 states, under a single, unified regulatory regime. This expanded capability positions Crypto.com to compete more directly with federally chartered peers and meet growing corporate and institutional demand for secure, compliant crypto asset services.
For more updates on crypto regulation and industry developments, visit our cryptocurrency news section.
