Crypto.com announced that it has received conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter, a move that could allow the digital assets firm to operate as a federally regulated custodian.

According to Reuters, the approval comes amid a more crypto-friendly regulatory environment in the US, with authorities easing previous restrictions and enforcement actions under the Trump administration.

The charter would enable Crypto.com to manage and hold client assets and handle trade settlements within a federally regulated framework, though it would not allow cash deposits or loan services.

The company said that once fully approved, it would operate as a national trust bank subject to OCC oversight.

Analysts have noted that a national trust bank charter is crucial for crypto-focused firms seeking to attract institutional clients and integrate with the broader financial system.

Founded in 2016, Crypto.com lists more than 400 digital tokens on its platform.

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