Crypto.com received conditional approval from the OCC in its most recent attempt

Best efforts from OCC

Crypto.com confirms that it has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish the Foris Dax National Trust Bank, operating under the name Crypto.com National Trust Bank.

This milestone enables Crypto.com to offer digital asset custody, staking, and transaction settlement services as a federally regulated national trust bank—subject to close oversight by the OCC—once all final conditions are met. This approval, detailed in Crypto.com's official press release, marks a significant step in the company's years-long effort to integrate more deeply into the U.S. regulatory system and build institutional credibility.

This follows Crypto.com's application in October 2025 and aligns with a broader wave of cryptocurrency-focused companies receiving similar licenses amid a more lenient regulatory environment under a second-term Trump administration.

The meaning of "Conditional Approval"

Conditional approval from the OCC does not mean Crypto.com is already a fully functioning operating bank in the United States; it merely signals that the regulator believes the institution has met key foundational requirements—such as equity capital, risk control, compliance systems, and governance—necessary to proceed to full licensing. The company still needs to meet final conditions, demonstrate robust risk management processes, and undergo ongoing supervisory review before being granted full licensing.

This approval framework reflects the OCC's evolving stance toward digital asset companies seeking more direct integration with U.S. financial infrastructure, provided they meet banking standards for safety, soundness, and consumer protection.

Broader legal context

This move comes at a time when U.S. financial regulators are actively debating how digital assets fit within the existing framework. While the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have clarified the lines between securities and derivatives, the Office of the Comptroller of the Currency (OCC) has played a relatively active role in discussions about banking licenses, including clarifying that banks can custody digital assets and engage with blockchain technologies under certain conditions.

Crypto.com's conditional approval suggests that regulators may be showing a preference for regulated integration over counter-enforcement — at least for companies willing to comply with bank-grade standards.

Risks and Challenges Ahead

While conditional approval from the OCC is noteworthy, significant hurdles remain. Crypto.com still has to meet final conditions, including:

• Strictly adhere to anti-money laundering (AML) and know-how (KYC) standards.

• A clear legal framework for consumer protection.

• Managing market risk, liquidity risk, and operational risk.

• A stable process for the custody of digital assets and minimizing losses.

Furthermore, political and legal obstacles in the United States may affect the level of tolerance of regulators for digital asset banking licenses.

Assessment and Conclusion

Crypto.com's conditional approval by the OCC marks a potential turning point in how digital asset companies integrate with traditional financial regulation. If the platform achieves full banking status, it would not only enhance Crypto.com's strategic position but also signal a broader evolution in the relationship between cryptocurrency innovation and regulated finance.

This development reinforces a long-term trend: cryptocurrency infrastructure is shifting from individual financial experiments to the focus of regulated financial systems — but success will depend on prudence in navigating the complex compliance landscape and maintaining trust in a highly technical, irreversible environment.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrency. This is not financial or investment advice. All investment decisions should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official stance of the platform. We recommend that readers conduct their own research and consult with experts before making any investment decisions.

Compiled and analyzed by HCCVenture

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