Crypto.com has just received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC), paving the way for a future application for a national banking license under federal regulations.
The exchange stated that the approval allows them to offer digital asset custody and Staking services under federal regulation.
Kris Marszalek, co-founder and CEO of Crypto.com, said this is the latest testament to the company's commitment to legal compliance and helps Crypto.com deliver the secure, reliable services that customers expect. He also stated that this milestone takes the company a major step toward meeting the needs of institutions with a "one-stop shop" model for qualified custody services, under high-standard federal oversight.
Crypto.com is the latest name to receive conditional approval on its journey to becoming a federally regulated bank, following Bridge last week, and previously Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos. A national trust bank license will place the business under federal supervision instead of dealing with multiple state regulators, while also allowing them to custody and safeguard client assets.
Over the past year or so, under an administration XEM as more open to the digital asset industry, the OCC has clarified that US banks can buy and sell crypto assets on their own, and has rolled back some previous policies aimed at easing the burden on banks involved in crypto-related activities.
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The article Crypto.com is moving toward becoming a US federal bank first appeared on CoinMoi .
