Regulatory Alerts2025-12-12 | Conditional Approval 1355Added
Conditional Approval 1355 — Application by Fidelity Digital Asset Services, LLC to Convert to a National Bank
The Office of the Comptroller of the Currency grants conditional approval for Fidelity Digital Asset Services, LLC to convert to an uninsured national trust bank, charter a temporary bank in Boston, and merge the entities into Fidelity Digital Assets, National Association. The resulting bank is authorized to engage in trust company operations including cryptocurrency custody, trade execution, stablecoin issuance, staking services, and fiduciary asset management for affiliates. Approvals are subject to conditions requiring immediate merger completion, limitation of operations to trust activities, maintenance of at least $25 million in tier 1 capital, and prior OCC written determination for significant business plan deviations or stablecoin marketing during the first three years of operation.