Crypto.com secures conditional OCC approval in bid to become a federally regulated bank

Crypto.com has obtained conditional approval from the Office of the Comptroller of the Currency (OCC) to pursue a federally chartered national bank license. This approval allows the exchange to offer digital asset custody and staking services under a federal framework. CEO Kris Marszalek stated this brings them closer to meeting institutional needs for a qualified custodian under federal oversight. Crypto.com joins other firms like Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos in seeking this national trust bank charter, which subjects them to federal supervision instead of state regulators and authorizes them to safeguard client assets. This development aligns with the OCC's recent moves to clarify and reduce burdens on banks engaging in crypto-related activities.

(Source：The Block)