SKN | Crypto.com Secures Conditional U.S. Charter for Federally Regulated Custody Bank

Key Points

•  Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency to establish Foris Dax National Trust Bank.

•  The charter would consolidate Crypto.com’s custody and digital asset services under a single federal regulatory framework.

•  The company joins BitGo, Circle, Ripple, Paxos and others that have recently secured conditional national trust approvals.

Federal Green Light for National Trust Bank

Crypto.com has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a federally regulated national trust bank.

The proposed entity, Foris Dax National Trust Bank, operating as Crypto.com National Trust Bank, would function as a limited-purpose trust institution. It would not accept deposits or issue loans, but instead focus on custody, staking and digital asset settlement services.

The move represents a significant step toward consolidating Crypto.com’s institutional offerings under direct federal oversight.

Consolidating Custody Under One Framework

Crypto.com already operates Crypto.com Custody Trust Co., a qualified custodian regulated by New Hampshire’s banking authorities. However, a national trust charter provides a unified federal framework that may simplify compliance for institutional clients.

For asset managers, ETF issuers and large financial institutions, federal oversight can offer operational clarity and regulatory consistency across jurisdictions. While the national trust structure does not permit traditional retail banking activities, it strengthens Crypto.com’s positioning in the institutional custody market.

The new trust bank would also support digital assets issued on the company’s Cronos blockchain.

Part of a Broader Regulatory Shift

Crypto.com’s approval follows a growing trend of digital asset firms seeking federal charters.

In recent months, BitGo, Circle, Ripple, Paxos and Fidelity Digital Assets have received similar conditional approvals from the OCC.

Last week, Bridge — a stablecoin infrastructure firm owned by Stripe — also secured conditional approval to form a national trust bank.

These developments reflect an industry-wide pivot toward operating inside a defined federal regulatory perimeter, particularly as stablecoin and custody regulations tighten under U.S. law.

Conditional, Not Final

Crypto.com submitted its OCC application in October. While conditional approval does not represent final authorization, it marks meaningful progress in the chartering process.

Final approval typically requires meeting operational, capital and compliance conditions outlined by regulators before full trust operations can begin.

If completed, the charter would further integrate Crypto.com into the federally supervised financial system — reinforcing a broader trend of crypto firms transitioning from state-level oversight to national regulatory frameworks.