Singapore-based cryptocurrency exchange Crypto.com has filed an application for a National Trust Bank Charter with the U.S. Office of the Comptroller of the Currency (OCC). The application, announced Friday, marks a significant step for the company in its pursuit of federal regulatory oversight within the United States. The approval process is expected to take between 12 and 18 months.
The company aims to expand its custody service business, offering institutional-grade custody and staking services across various blockchain networks. CEO Kris Marszalek stated that building secure and regulated offerings has been the company's focus from day one.
If approved, the charter would allow Crypto.com to operate under federal supervision, providing custody, staking, and asset management services to both retail and institutional clients. These services would encompass a range of blockchain ecosystems, including Cronos, Crypto.com’s native chain, and other major digital asset networks. The company seeks to become a premier destination for Digital Asset Treasuries, Exchange-Traded Funds (ETFs), and corporate clients seeking secure and compliant custody solutions.
The move aligns with a broader trend among digital asset companies seeking regulatory clarity in the United States. Crypto.com joins other firms like Circle Internet Group, BitGo, and Ripple Labs in pursuing US bank charters. By obtaining a federal charter, Crypto.com aims to avoid navigating a fragmented landscape of state-level banking regulations. If the application is successful, Crypto.com would join a select group of federally chartered entities authorized to provide custody and fiduciary services nationwide.
The application signals Crypto.com's intent to bridge the gap between decentralized finance (DeFi) and traditional banking, enabling integration between fiat and digital assets while adhering to U.S. banking standards. The company already operates Crypto.com Custody Trust Company in New Hampshire, regulated by the New Hampshire Banking Department as a non-depository trust company, and this operation will continue during the review of the new application.
The company's CRO token experienced a brief surge following the announcement, reflecting market optimism regarding growing crypto-bank integrations.
