Laser Digital, the digital assets arm of Japanese investment bank Nomura, said it has 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 firms seeking to phase out asset management services for the digital assets sector.
The proposed Laser Digital National Trust Bank would be based in the United States and serve institutional custodial clients of cryptocurrencies and U.S. government securities. According to a Tuesday press release, it would also offer spot trading for crypto and fiat currencies, as well as staking services for eligible digital assets held in custody.
If approved, Laser Digital will join a small group of federally regulated crypto-native institutions capable of offering these services under the direct supervision of a national regulator. The request comes just a month after Ripple, Circle Internet (CRCL), BitGo, Fidelity Digital Assets and Paxos received initial approvals as trusted banks.
“Institutional clients are increasingly looking for ways to interact with digital assets within structures that are familiar to them, well-governed and overseen by regulators,” Purvi Maniar, Laser Digital’s chief legal officer and proposed chairman of the bank, said in a statement. “The National Trust Bank framework provides just that.”
Laser Digital, based in Zurich and already licensed in the UAE, currently offers crypto funds, over-the-counter trading and cash 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.
