Odaily Planet Daily reports that cryptocurrency infrastructure company Zerohash has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to obtain a National Trust Bank license to expand its digital asset service capabilities.
According to the submitted documents, the trust bank plans to offer various digital asset-related services, including digital asset and fiat currency custody, custody staking and verification services, transfer agency services, trade execution, stablecoin management, as well as settlement, clearing, and escrow accounts. Zerohash Chief Legal Officer Stephen Gardner has been nominated as the trust bank’s CEO.
This application continues the regulatory approach of several other crypto companies. Previously, Ripple, Circle, and BitGo also applied to establish federally regulated trust banks and received conditional approval from the OCC in December last year.
It should be noted that even if the license is granted, Zerohash will still be unable to conduct traditional banking activities such as accepting deposits or issuing loans. However, the license will enable the company to operate under a federal regulatory framework, making it easier to attract institutional clients.
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