Coinbase has secured conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust charter, advancing its efforts to operate under a federal regulatory framework, the company announced Thursday.
Coinbase started its trust charter pursuit last October, becoming part of a wave of crypto firms looking for federal regulatory clarity. The company said at the time that the charter would streamline oversight for custody operations and allow expansion into new institutional services.
Until this recent wave, Anchorage Digital was the first crypto company to receive a full OCC national trust bank charter in January 2021.
The milestone places Coinbase alongside other crypto companies conditionally approved for national trust charters, such as Ripple, Fidelity Digital Assets, Paxos Trust Company, BitGo Bank & Trust, and First National Digital Currency Bank. The firm said the charter will strengthen oversight of its custody operations and enable expanded institutional offerings.
The charter focuses on custody and market infrastructure rather than retail banking, and will complement its existing state-level licenses as it completes the OCC’s requirements for full approval, according to Coinbase.
Final approval remains contingent on meeting regulatory conditions, including organizational and compliance milestones.
Source: https://cryptobriefing.com/coinbase-wins-trust-charter-approval/
