Crypto.com Seeks National Trust Bank Charter for Enhanced Regulatory Oversight
Crypto.com has taken a significant step towards gaining full federal banking status by applying for a National Trust Bank Charter from the Office of the Comptroller of the Currency (OCC). This move aims to place the company under federal oversight, representing one of the highest regulatory distinctions attainable in the digital asset industry. 
The application, submitted on October 24, is part of Crypto.com’s institutional custody strategy and focus on regulated services. By obtaining a National Trust Bank Charter, the company can provide customers with trusted services, including custody and staking needs for large institutional players. This move is led by CEO Kris Marszalek, who emphasized the importance of building regulated and secure offerings since the company’s inception.
Key Highlights of Crypto.com’s Application
The key points of Crypto.com’s application include:
- Gaining federal oversight through a National Trust Bank Charter
- Advancing institutional custody strategy and focus on regulated services
- Joining other companies, such as Anchorage, Circle, Paxos, Ripple, and Coinbase, in seeking federal charters
Crypto.com’s Regulatory Pivot and Industry Trends
Crypto.com’s charter application is the latest step in its regulatory strategy. The company recently upgraded its Payment Card Industry Data Security Standard (PCI DSS) to v4.0 certification and secured SOC 1 Type II and SOC 2 Type II compliance certificates for its US-based custody division. This trend is not unique to Crypto.com, as other large crypto-native companies, such as Anchorage Digital, Circle, Paxos, Ripple, and Coinbase, have also applied for federal charters, recognizing the strategic need for deeper integration into the traditional financial system.
Crypto.com’s move towards gaining a National Trust Bank Charter demonstrates its commitment to providing secure and regulated services to its customers. As the digital asset industry continues to evolve, companies like Crypto.com are taking proactive steps to ensure compliance with regulatory requirements and maintain trust with their customers. For more information on Crypto.com’s application and the latest developments in the digital asset industry, visit https://crypto.news/crypto-com-pushes-for-full-federal-banking-status/
