Crypto.com has been granted conditional approval by the Office of the Comptroller of the Currency to establish a national trust bank in the United States, a move that signifies a major step toward federal oversight of the digital-asset sector. The new entity, Foris Dax National Trust Bank, will operate as Crypto.com National Trust Bank once fully authorized and will function as a limited-purpose national trust bank, focusing on digital-asset services rather than taking deposits or issuing loans. Conditional approval allows Crypto.com to proceed with pre-opening requirements related to capital, governance, risk controls, and internal policies before final authorization is granted.
Crypto.com already operates Crypto.com Custody Trust Company, a non-depository trust firm regulated by the New Hampshire Banking Department, and the federal charter would sit alongside this state-level entity to provide a single federally supervised qualified custodian. According to CEO Kris Marszalek, the approval underscores the firm’s commitment to compliance and delivering secure, regulated services for customers, a milestone in meeting institutions’ need for a gold-standard, one-stop custodian. The move places Crypto.com among a growing cohort pursuing national trust charters, including Circle Internet Group, Paxos, BitGo, and Fidelity Digital Assets, signaling stronger regulatory clarity for institutional custody solutions.
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