OCC Approves Bastion's Non-Depository National Trust Bank Charter

Bastion has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank charter. This non-depository charter will focus on custody and digital asset services, not conventional deposit-taking banking.

The OCC's Corporate Decision 1391, dated September 18, grants Bastion permission to proceed with its national trust structure under OCC supervision. A federal trust charter is significant for digital asset companies as it provides a clearer regulatory framework for institutional custody.

This approval also covers digital asset payment-clearing activities, which could extend the charter's usefulness beyond straightforward asset storage. However, there are still pre-opening requirements that Bastion must satisfy before fully operating under the charter.