Bastion Wins Conditional OCC Approval for National Trust Bank Charter

Bastion has taken a significant step towards operating as a federally chartered bank after receiving conditional approval from the Office of the Comptroller of the Currency (OCC). The OCC's Corporate Decision 1391, dated September 18, allows Bastion National Trust Bank to move forward with a non-depository national trust structure focused on custody and digital asset services.

This charter is crucial for digital asset companies as it provides a clearer regulatory framework for institutional custody. Large funds, corporates, and financial institutions often require more than just wallet providers; they want governance, fiduciary standards, audits, regulatory oversight, and clearly defined custody responsibilities.

Bastion's approval also covers digital asset payment-clearing activities, which could extend the charter's utility beyond straightforward asset storage. However, it's essential to note that this is not a conventional deposit-taking bank charter, but rather a non-depository national trust bank.