Crypto.com is seeking a U.S. National Trust Bank Charter to offer federally regulated custody and staking services nationwide.
Crypto.com is the latest major crypto firm to apply. This application was submitted to the U.S. government on Friday. The company has now applied for a National Trust Bank Charter. As such, it is an important step towards federal regulatory approval. The firm is looking to grow its custody and staking services across the country.
Federal Oversight Sought for Expanding Custody Services
The Singapore crypto exchange will offer federally-regulated services. Specifically, they want to effectively provide custody of digital asset treasuries. In addition, this also includes services regarding exchange-traded funds or ETFs. This strong coverage is extended to all institutional and corporate customers.
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Therefore, their bank charter would put them under the Office of the Comptroller of the Currency (OCC). This federal control is crucial to developing institution trust now. This charter will bring their industry-leading custody technology to a higher level. As a result, the firm can improve the corresponding customer offerings.
This federal status is especially valuable to sophisticated institutional investors the world over. It directly focuses on Enterprise-Scale Digital Asset Treasures and corporate clients. All necessary services would be provided by a federally regulated service provider. This guarantees maximum security and full compliance on all users’ parts.
In addition, the filing does not affect their current operations right now. Crypto.com Custody Trust Company is still fully operational. It is successfully regulated by the New Hampshire Banking Department. This entity operates as an effective non-depository trust company.
Strategic Filing Reinforces Commitment to Regulatory Compliance
Kris Marszalek, Co-Founder and CEO of Crypto.com, commented on the strategic filing. He said their focus has always been on safe and regulated services. Therefore, it is a natural progression to have the National Trust Bank Charter. He is still enthusiastic about continuing to offer reliably good services all over the world.
This is particularly in line with a general industry trend. At this point, however, a proper status for the cryptocurrency companies has become an absolute necessity. A federal charter is the acknowledged highest standard of compliance across the world. As a result, it provides crucial access to the huge US institutional market.
These enhanced services include custody and staking services across different digital asset protocols. For example, they will support blockchain assets on Cronos, but not only. This makes the company a complete full-service provider. It is used efficiently and securely by various institutions.
In addition, this move indicates that the company will continue to invest in the U.S. market in the long term. This regulatory step gives a tremendous level of transparency and stability. This assists them to provide better services to their corporate clients’ changing needs. This furthers Crypto.com’s commitment to the highest compliance standards.
In other words, the pursuit of federal control is a watershed of sorts. This is the direction of the U.S. crypto regulation to come. This strategic alignment would make the firm very competitive in the global market. It is a tremendous aid in the broader implementation of digital assets and large institutions.
The successful registration will make the market position of the firm very strong. The company is aiming to provide the best service possible to the users of their product. This commitment ensures that digital assets are evolving into mainstream financial products worldwide. The critical application is now awaited by the entire market eagerly for the OCC’s decision.
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