Centralized cryptocurrency platform Crypto.com has received a conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Foris Dax National Trust Bank, d.b.a. Crypto.com National Trust Bank.
This development advances the firm's ambition to become a federally regulated qualified custodian, according to an official announcement. Once fully approved, Foris Dax National Trust Bank will provide custody, staking, and trade settlement services under the stringent oversight of the OCC.
Crypto.com's move aligns with a broader industry trend where crypto firms are pursuing regulatory approvals to enhance their credibility and expand service offerings.
For instance, Anchorage Digital recently launched regulated 'Stablecoin Solutions' to cater to institutional needs, while CME Group is set to offer 24/7 crypto futures trading, showcasing the industry's shift towards regulated offerings.
The move also comes as the global crypto custody market is projected to reach over $4 trillion by 2033, growing at a CAGR of 23.6% from 2025 to 2033, according to Grand View Research.
Kris Marszalek, CEO of Crypto.com, emphasized the significance of this regulatory milestone in a statement.
“This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com,” said Marszalek. “This milestone brings us a major step closer to meeting leading institutions’ needs for a one-stop-shop qualified custodian under a gold standard of federal oversight.”
Headquartered in Singapore, Crypto.com offers a wide selection of crypto services, including trading, payments, and financial products. The platform has amassed over 150 million users worldwide, according to the platform's website.
The OCC, a U.S. federal agency responsible for regulating and supervising national banks, has been actively involved in providing regulatory clarity for crypto-related financial services.
This article was generated with the assistance of AI workflows.