Five Crypto Firms Win Conditional Approvals as National Trust Banks, Including Fidelity and BitGo

Bitcoin Magazine Five Crypto Firms Win Conditional Approvals as National Trust Banks, Including Fidelity and BitGo

The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approvals for five digital asset firms — Ripple, Circle, Fidelity Digital Assets, BitGo, and Paxos — to become federally chartered national trust banks, marking a major milestone in the integration of cryptocurrency into traditional finance.

The approvals, announced Friday, allow the firms to convert from state-level trust charters to federal status, subject to meeting the OCC’s conditions.

Once finalized, these institutions will join roughly 60 other national trust banks regulated by the OCC, gaining the ability to offer fiduciary and custody services nationwide.

Unlike larger national banks,