Galaxy Digital has taken steps to expand its presence in regulated financial services by applying for a national trust bank charter in the United States. The company submitted its application to the Office of the Comptroller of the Currency (OCC) through its subsidiary, Galaxy Digital LP. If regulators approve the proposal, Galaxy National Bank will operate from New York and provide digital asset services under federal supervision.
Galaxy Targets Broader Digital Asset Services
The proposed bank would offer cryptocurrency custody, trading, and staking services alongside fiduciary investment advisory services. Additionally, the charter could help Galaxy serve institutional clients nationwide through a unified federal regulatory framework.
Consequently, the move could simplify how the company delivers services across different US jurisdictions. However, Galaxy must secure OCC approval before establishing the proposed institution.
Galaxy CEO Mike Novogratz views the application as a step toward supporting growing digital asset adoption. Moreover, the company aims to bring more of its existing services under federal oversight.
Existing Licenses Support Galaxy’s Expansion
Galaxy already holds more than 50 licenses across the United States, Europe, and Asia. Its regulatory footprint includes SEC-registered broker-dealer subsidiaries, a CFTC-registered swap dealer, and a UK subsidiary authorized by the Financial Conduct Authority.
Significantly, New York regulators recently granted a Galaxy subsidiary a BitLicense and money transmission license. These approvals allow the subsidiary to provide digital asset trading and custody services to institutions statewide.
Related: Bank of England Eyes Tokenized Collateral to Speed Up Trade Margins
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
