BitGo Gains Conditional OCC Approval to Become National Trust Bank
According to the OCC, BitGo’s federal charter will enable nationwide custody of digital assets without state-by-state licensing, aligning with broader industry approvals for similar firms.
Summary
In an official statement, the U.S. Office of the Comptroller of the Currency approved BitGo and four other firms for national trust bank charters. BitGo will convert its South Dakota trust into BitGo Bank & Trust, NA, granting nationwide authority to custody digital assets without separate state licensing. This advancement centralizes oversight under the OCC and positions BitGo to expand services across the United States, complementing earlier disclosures of its plan for a public listing.
Terms & Concepts
- OCC (Office of the Comptroller of the Currency): A U.S. federal agency that regulates and supervises national banks and federal savings associations.
- National Trust Bank: A federally chartered bank authorized to act as a trustee, executor, or in other fiduciary capacities under national jurisdiction.
- Digital Asset Custody: The secure storage and management of cryptocurrencies and other digital assets for clients.