"Coinbase National Trust Company received preliminary approval from the OCC, allowing it to operate as a non-insured national trust company focused on custody and staking services for institutional clients."
"The charter will enable Coinbase to provide federally supervised custody services, which are essential for large institutional clients seeking regulatory oversight for their assets."
"Before commencing operations, Coinbase must fulfill a series of pre-opening requirements set by the OCC, including anti-money laundering and know-your-customer programs."
Coinbase has received conditional approval from the OCC for a national trust company charter, allowing it to provide custody and related fiduciary services. The charter is non-insured and does not permit deposits or loans. Coinbase aims to enhance regulatory consistency in its operations. The company currently manages over $245 billion in assets. Before commencing operations, Coinbase must meet several pre-opening requirements, including AML and KYC programs, capital standards, and governance protocols. Final authorization will follow once these conditions are satisfied.
Read at news.bitcoin.com
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