Morgan Stanley Applies US Bank Charter for Crypto Custody

Morgan Stanley has applied to the Office of the Comptroller of the Currency (OCC) for a de novo national trust bank charter under the name “Morgan Stanley Digital Trust, National Association,” received on February 18. This charter will allow the subsidiary to custody certain digital assets and execute related transactions like purchases, sales, swaps, and transfers to support client investment activities, including crypto staking. A national bank trust charter authorizes fiduciary activities such as custody and asset safekeeping. This move aligns with Morgan Stanley's recent expansion into crypto, which includes appointing a new crypto unit head and filing for spot Bitcoin, Solana, and staked Ether ETFs. This application follows a trend, as other firms like Ripple, BitGo, Fidelity Digital Assets, Paxos, Bridge, Crypto.com, and Payoneer have also recently sought or received conditional approval for similar crypto-related national trust bank charters.

(Source：Cointelegraph)