Crypto.com Seeks to Become National Trust Bank, Submits Application to US OCC

Key Points

• Crypto.com has applied for a National Trust Bank Charter with the US Treasury’s Office of the Comptroller of the Currency (OCC).
• The firm’s Cronos coin value increased following the announcement.

Crypto.com, a Singapore-based digital assets trading platform, has officially lodged a National Trust Bank Charter application with the US Treasury’s Office of the Comptroller of the Currency (OCC).

The approval process for this application usually spans between 12 and 18 months. During this period, Crypto.com will undergo an evaluation by the OCC to confirm it satisfies the minimum requirements for the charter.

Implications of Approval

Should the application be approved, Crypto.com’s regulated banking activities would fall under US federal jurisdiction. This would mean that the firm would no longer be subject to fragmented state laws covering the same banking services.

The company has been actively seeking global expansion throughout the year, recently securing In-Principal approval from the Central Bank of the United Arab Emirates (CBUAE). This approval allows its Foris DAX Middle East FZ-LLC to operate as a licensed Stored Value Facility, making it the first Virtual Asset Service Provider (VASP) in the UAE to achieve this recognition.

Crypto.com’s Cronos Coin

Following the announcement of the application, Crypto.com’s Cronos coin appears to have risen in value, peaking at $0.0153, an increase of more than 2% over the previous 24 hours. However, it later settled back down to $0.0146.

Numerous cryptocurrency firms have taken advantage of the recent regulatory shift towards digital assets in the US by filing for OCC banking charters. Other companies such as Coinbase, BitGo, Circle, Paxos, and Ripple have also sought US banking charters.