Crypto.com has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national credit bank. The company said the approval allows it to charter Foris Dax National Trust Bank, which will operate under the name Crypto.com National Trust Bank once it receives a full license.
Crypto.com offers regulated custody plans
Chris Marszalek, Co-Founder and CEO of Crypto.com, described The development is a reflection of the company’s focus on regulatory compliance and customer protection.
According to Marshalek, obtaining full approval would put the company in the position of a “one-stop shop” qualified trustee operating under what he described as the gold standard of federal oversight.
The company said it intends to provide custody and asset staking across multiple blockchains and digital asset protocols – including its own Kronos Network – as well as trade settlement services within a regulated framework.
However, Crypto.com is not alone in following this regulatory path. Over the past year, the OCC consent National Trust Charter requests from several major digital asset companies, including Circle’s First National Digital Currency Bank, Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company.
More recently, Bridge – the stablecoin infrastructure provider owned by Stripe – He said It also received conditional approval to establish a national trust bank.
If finalized, these charters would allow cryptocurrency companies to hold and manage customer assets directly, potentially streamlining payment processing and speeding up settlement times. However, recent OCC approvals have been drawn up Auditing From traditional banking groups.
ABA Urges OCC to Halt Bank Credit Approvals for Cryptocurrencies
The American Bankers Association (ABA) last week called on the OCC to halt further approvals of cryptocurrency and stablecoin companies until there is greater clarity surrounding the regulatory framework associated with the GENIUS Act.
Abba urge The regulator may not proceed with applications if the full scope of regulatory obligations – including requirements that may arise under future GENIUS rulemaking – is not clearly defined.
In its comments, the association warned that unsecured national trust banks that focus primarily on digital assets present unresolved safety and soundness concerns.
Among the issues cited were the separation of client assets and alleged potential conflicts of interest Cyber security risksOperational flexibility, and how these institutions will be dealt with in the event of failure.
At the same time, interest in the National Trust Bank’s position continues to grow within the digital assets sector. In January, World Liberty Financial (WLFI) said one of its affiliates had applied to form a national credit bank focused on stablecoin operations.
However, at the time of writing, the exchange’s native token, CRO, is trading at $0.074, according to CoinGecko. DataRecording a loss of 20% on the monthly time frame.
Featured image from OpenArt, chart from TradingView.com
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