OCC approves BitGo to convert into a national bank, marking a policy breakthrough in digital asset custody

【ChainNews】The US Office of the Comptroller of the Currency (OCC) approved applications from five institutions on December 13, including BitGo. Among them, BitGo received a key recognition—upgrading its South Dakota trust company to BitGo Bank & Trust, National Association(NA), officially becoming a national bank. What does this mean? BitGo can now, under federal law, directly custody and maintain digital assets and certain non-deposit financial assets for clients without applying for licenses state by state. In other words, this digital asset service provider now has the qualification to offer digital asset-related financial services nationwide, greatly simplifying cross-state compliance processes. This breakthrough reflects a shift in US regulatory attitudes towards the digital asset industry—from watchful waiting to proactive regulation, from local to federal recognition. For the entire industry, this not only grants BitGo a pass but also sends an important signal: compliant and institutionalized digital asset services are gaining official recognition within the US mainstream financial system.