Laser Digital, the digital asset arm of Japanese investment bank Nomura, said it filed an application with the US Office of the Comptroller of the Currency (OCC) to open a federally regulated national trust bank, joining a number of crypto companies seeking to exclude asset management services for the digital asset industry.
The proposed Laser Digital National Trust Bank will be based in the US and serve institutional clients with custody of cryptocurrencies and US Treasuries. It will also offer spot trading for both crypto and fiat currencies, along with escrow services for eligible digital assets held in custody, according to a Tuesday press release.
If approved, Laser Digital will join a small group of federally regulated crypto-native institutions able to offer these services under the direct supervision of a national regulator. The filing comes just a month after Ripple, Circle Internet (CRCL), BitGo, Fidelity Digital Assets and Paxos received initial approvals as trust banks.
“Institutional clients are increasingly looking for ways to engage with digital assets within structures that are well-known, well-governed and overseen by regulators,” Purvi Maniar, Laser Digital’s chief legal officer and proposed bank director, said in a statement. “The National Trust Bank framework provides exactly that.”
Based in Zurich and already licensed in the UAE, Laser Digital currently offers crypto funds, over-the-counter trading and treasury management tools. Earlier this month, it introduced a tokenized bitcoin yield fund, the Laser Digital Bitcoin Diversified Yield Fund.
The proposed bank will not offer deposit accounts or securities trading at launch.
