Crypto.com has taken a major step toward becoming a federally regulated bank, receiving conditional approval from the Office of the Comptroller of the Currency (OCC) to form Foris Dax National Trust Bank. This entity will operate as Crypto.com National Trust Bank upon final approval, a process the company initiated with an application in October 2025.
The conditional green light is not final but represents a significant milestone. If fully approved, the bank would function as a national trust bank, allowing Crypto.com to provide custody, multi-blockchain staking (including on Cronos), and trade settlement services under direct federal supervision. This structure is seen as a key to unlocking institutional capital, as many large asset managers require qualified custodians that meet strict regulatory standards.
"An OCC-regulated national trust bank carries more institutional weight than most state-level licenses commonly used in crypto," the report notes, signaling Crypto.com's intent to compete at the infrastructure level. A federal charter would strengthen its position with registered investment advisors (RIAs), hedge funds, and corporations seeking regulatory clarity.
This move is part of Crypto.com's broader regulatory expansion, which recently included securing a MiFID license in Europe. The company already operates a non-depository trust company in New Hampshire, and the new federal entity would sit alongside it, potentially consolidating higher-tier institutional services. The next phase involves meeting the OCC's conditions on compliance, governance, and capital before launch.
The news aligns with a broader industry trend, as highlighted in a separate report, where crypto and fintech firms are pursuing bank charters or acquisitions to fast-track integration into mainstream finance. For instance, Stripe's stablecoin platform Bridge and Ripple have also received conditional approval for national trust charters, while fintechs like Enova International are acquiring full banking entities.
Analysts suggest that in a U.S. market with uneven regulatory clarity, securing a federal banking structure could become a competitive advantage, particularly as traditional financial institutions increase their exposure to digital assets.
