Bastion has received conditional approval from the Office of the Comptroller of the Currency to form a national trust bank. The OCC's Corporate Decision 1391, dated September 18, authorizes Bastion National Trust Bank to operate under a federal banking charter centered on custody and digital asset services.
The charter is structured as a non-depository national trust bank, meaning it will not accept customer deposits. Instead, it is designed to provide institutional custody and digital asset payment-clearing activities.
Regulatory Framework for Digital Assets
Federal trust charters have become increasingly significant for digital asset companies seeking clearer regulatory pathways. Institutional investors—including large funds, corporations, and financial institutions—typically require more than basic wallet services. They seek established governance structures, fiduciary standards, audits, regulatory oversight, and clearly defined custody responsibilities.
A national trust charter operating under OCC supervision provides companies like Bastion access to this institutional market segment while maintaining compliance with federal banking standards.
Conditional Approval Requires Further Steps
The conditional approval is not final authorization to operate. Bastion must satisfy additional OCC pre-opening requirements before the bank can begin operations. These conditions typically include capital adequacy, systems readiness, management qualifications, compliance frameworks, and operational readiness standards.
The approval reflects a broader trend in the digital asset industry. Custody firms, exchanges, and stablecoin issuers increasingly seek integration into traditional banking regulation rather than operating outside it, reshaping the regulatory landscape for crypto infrastructure.
