Crypto.com receives conditional approval from the OCC to apply for a federally regulated banking license.

PANews reported on February 23 that, according to The Block, cryptocurrency exchange Crypto.com has received conditional approval from the Office of the Comptroller of the Currency (OCC) to proceed with its application for a federally chartered national bank license. The company stated that this approval will allow it to offer digital asset custody and staking services under federal regulation. Crypto.com co-founder and CEO Kris Marszalek stated that this conditional approval reflects the company's commitment to compliant and secure services and brings it closer to providing institutional clients with a "one-stop qualified custodian" service under federal gold-standard regulation.

Crypto.com becomes the latest crypto company to receive conditional approval from the OCC to seek federally regulated banking status. Previously, Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos have also made similar progress. Obtaining a national trust bank license means the company will be subject to federal-level regulation, rather than a fragmented state-level regulatory system, and will be authorized to hold and safeguard client assets.

Over the past year, under the leadership of a presidential administration considered more favorable to the digital asset industry, the OCC has clarified that U.S. banks can buy and sell crypto assets on their own behalf and has revoked some previous restrictions, aiming to reduce the compliance burden on banks participating in crypto-related businesses.