Bastion Receives Conditional OCC Approval For National Trust Bank Charter

Bastion has received conditional approval from the Office of the Comptroller of the Currency (OCC) to form a national trust bank. The charter, which is non-depository, focuses on custody and digital asset services. Bastion National Trust Bank is still in formation and must meet pre-opening conditions before it can fully operate. The OCC's Corporate Decision 1391, dated September 18, allows Bastion to proceed with a national trust structure under OCC supervision. This charter is significant for digital asset companies as it provides a clearer regulatory framework for institutional custody, which is increasingly sought by large funds and financial institutions. The approval also includes digital asset payment-clearing activities, expanding the charter's potential applications. However, Bastion must fulfill the OCC's pre-opening requirements, including capital, systems, management, compliance, and operational readiness, before commencing operations. This marks a significant regulatory milestone in the trend of crypto infrastructure integrating into traditional banking regulation.

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