Crypto.com announced Monday that it has received conditional approval from the Office of the Comptroller of the Currency for its National Trust Bank Charter, clearing the way for the digital asset company to become a federally regulated custodian.
The approval comes as the United States has adopted a significantly more cryptocurrency-friendly stance under President Donald Trump, with regulators reversing previous regulations and enforcement actions.
This charter allows Crypto.com to manage and hold customer assets and process trade payments within a federally regulated structure, but does not permit cash deposits or loan sanctions.
The company said that if fully approved, it would operate as a federally regulated national trust bank and would be supervised by the OCC.
Analysts say the national trust bank charter is key for crypto-native companies to attract institutional customers and integrate deeper into the traditional financial system.
Founded in 2016, Crypto.com is a popular digital asset exchange with over 400 tokens listed on its platform.
(Reporting by Manya Saini in Bengaluru; Editing by Shingini Ganguli)
