Morgan Stanley Applies for OCC Bank Charter to Expand Crypto Custody Services
Morgan Stanley Moves Deeper Into Digital Asset Custody
Wall Street banking giant Morgan Stanley is taking another major step into the digital asset sector after applying for a national trust bank charter with the Office of the Comptroller of the Currency (OCC).
The filing, submitted on Feb. 18 under the name Morgan Stanley Digital Trust, National Association, would allow the firm to securely hold cryptocurrencies on behalf of institutional and high-net-worth clients.
According to the official OCC filing, the proposed entity aims to provide custody and fiduciary services specifically tailored to digital assets.
What the Trust Charter Allows
A de novo national trust bank charter enables newly created financial institutions to operate trust and custody services without functioning as a traditional lending bank.
If approved, Morgan Stanley’s crypto-focused trust bank would be able to:
- Custody digital assets for clients
- Execute crypto purchases and sales
- Facilitate token transfers and swaps
- Support staking services
- Provide institutional-grade asset safekeeping
The term de novo indicates the entity is being built from scratch rather than acquired through merger or acquisition.
Institutional Race for Crypto Bank Licenses
Morgan Stanley’s application comes amid a growing wave of traditional finance firms pursuing crypto-related banking approvals in the United States.
Recent OCC approvals or applications include:
- Ripple
- BitGo
- Fidelity Digital Assets
- Paxos
- First National Digital Currency Bank
Payments firms are also entering the race. Stripe-owned stablecoin platform Bridge and crypto exchange Crypto.com have recently pursued similar trust banking structures, highlighting accelerating institutional demand for regulated crypto infrastructure.
Morgan Stanley Expands Its Crypto Strategy
The trust charter filing aligns with Morgan Stanley’s broader push into digital assets throughout 2026.
Recent developments include:
- Creation of a dedicated crypto division led by executive Amy Oldenburg
- Expansion of hiring across digital asset strategy and product roles
- ETF filings tied to major cryptocurrencies
In January, the bank filed applications linked to spot cryptocurrency exchange-traded funds, including:
- Bitcoin ETFs
- Solana ETFs
- Staked Ethereum ETF products
Live market data:
Why This Matters for Crypto Markets
Institutional custody remains one of the biggest barriers preventing large capital inflows into crypto markets. Regulatory approval for a national trust bank would allow Morgan Stanley to offer compliant, secure exposure to digital assets within traditional investment frameworks.
This move signals a broader transition where major financial institutions are no longer experimenting with crypto — but integrating it directly into core wealth management services.
Outlook: Wall Street’s Crypto Integration Accelerates
Morgan Stanley’s charter application reflects a wider institutional shift toward regulated digital asset services. As banks seek direct custody capabilities, crypto markets may benefit from stronger infrastructure, improved investor confidence, and expanded institutional participation.
If approved, Morgan Stanley could join the growing list of traditional finance leaders positioning themselves at the center of the next phase of crypto adoption.
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