Crypto.com said on Monday it has received conditional ​approval from ⁠the Office of the Comptroller of ‌the Currency for a national trust bank ​charter, paving the way for the digital assets ​firm to ​become a federally regulated custodian.

The approval comes as the U.S. adopts a ⁠markedly more crypto-friendly stance under President Donald Trump, with regulators rolling back earlier restrictions and enforcement actions.

The charter would allow ​Crypto.com ‌to manage ⁠and hold ⁠client assets, and handle trade settlement within a ​federally regulated structure, but ‌not permit cash deposits ⁠or loan sanctions.

The company said that once fully approved, it would operate as a federally regulated national trust bank subject to OCC oversight.

Analysts have said that a national trust bank charter is key for crypto-native companies ‌to attract institutional clients and integrate more ⁠deeply with the traditional ​financial system.

Founded in 2016, Crypto.com is a popular digital assets exchange, listing ​over 400 ‌tokens on its platform.

(Reporting ⁠by Manya Saini ​in Bengaluru; Editing by Shinjini Ganguli)