Coinbase has received a conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national trust company charter. The move brings the firm closer to operating as a federally regulated crypto custodian.
The approval is not final. Coinbase must fulfill compliance requirements, including building robust systems and hiring key staff. Only then can it receive full approval.
This structure allows Coinbase to hold digital assets for clients without accepting deposits or issuing loans. The company aims to shift focus from volatile trading fees toward steady custody revenue.
Coinbase already serves as custodian for several U.S. spot bitcoin ETFs.
Meanwhile, Australia has passed a major crypto licensing bill, mandating exchanges and custody firms to obtain financial services licenses within six months. The legislation introduces new categories for regulated digital asset platforms.