Nomura's cryptocurrency subsidiary, Razer Digital, is pursuing a US banking charter. This move comes as major fintech and digital asset companies are rushing to enter federal regulatory scrutiny under the current administration's shift toward a more regulatory-friendly environment.
Razer Digital applies for US banking license, signaling a major push into digital assets.
Razer Digital, Nomura's cryptocurrency subsidiary established in 2022, has applied for a national trust bank charter from the Office of the Comptroller of the Currency (OCC), the Financial Times reports. This approval would allow the company to operate within the federal regulatory framework without the need for separate custody licenses, which are typically required in individual states.
The company stated that with this approval, it plans to provide spot trading services for digital assets and will not engage in deposit-taking services.
Permit applications increase under the Trump administration, with many opting for "entry" over "regulatory bypass."
Razer Digital's moves are not unrelated to the "regulatory acceptance" trend that has become evident since the Trump administration. Previously, many crypto companies faced slow approval processes and high barriers, forcing them to wait or withdraw their applications. However, the regulatory environment has recently become relatively flexible, and more companies are attempting to incorporate services such as payment settlement, custody, and stablecoin operations under federal authorization.
World Liberty Financial, a company linked to President Trump, also applied for OCC approval to operate a stablecoin earlier this month. Europe's Revolut is shelving plans to acquire a local US bank and is exploring the option of applying for its own US banking charter.
Approval process takes up to a year…Automakers also enter the Industrial Bank of Korea.
The OCC's licensing process typically involves two stages: conditional approval and final approval, requiring proof of capital and operational capabilities. The full review process can take more than a year. While it was common in the past for companies to be rejected or voluntarily withdrawn from the initial review phase, recently, companies that meet the requirements are quickly lining up.
Beyond fintech, the banking industry is also seeing increasing penetration. The Federal Deposit Insurance Corporation (FDIC) recently approved applications from Ford and General Motors to establish industrial banks, paving the way for the establishment of new banks in Utah.
A surge in license applications… The regulatory environment has reached a turning point.
In 2025, the OCC received 14 applications to establish "limited-purpose national trust banks," a rapid increase that nearly rivals the total number of applications received over the previous four years. This is interpreted as a signal of institutional reform under the new Comptroller of the Currency, Jonathan Gould, who took office in July 2025.
Razer Digital's US expansion is not simply an expansion, but a symbolic move by a major global financial group to directly enter the digital asset regulatory system. This expansion, backed by federal approval, is expected to significantly increase the likelihood of institutional acceptance across the crypto industry.
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