Nomura’s Laser Digital applies to open U.S. national trust bank for crypto custody

Laser Digital, the digital assets arm of Japanese investment bank Nomura, has recently announced its plans to open a federally regulated national trust bank in the United States. The company filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish the Laser Digital National Trust Bank, which will cater to institutional clients in the digital assets industry.

The proposed bank, based in the U.S., will offer custody services for cryptocurrencies and U.S. government securities. Additionally, it will provide spot trading for both crypto and fiat currencies, as well as staking services for eligible digital assets held in custody. This move is in line with the growing trend of crypto companies seeking to offer asset management services in a regulated environment.

If approved, Laser Digital will join a select group of federally regulated crypto-native institutions that are authorized to provide such services under the direct supervision of a national regulator. This application follows recent approvals granted to Ripple, Circle Internet (CRCL), BitGo, Fidelity Digital Assets, and Paxos to operate as trust banks.

Purvi Maniar, the Chief Legal Officer of Laser Digital and the proposed bank president, emphasized the importance of offering institutional clients a secure and regulated environment to engage with digital assets. The National Trust Bank framework is seen as a way to provide familiarity, governance, and regulatory oversight for clients entering the digital assets space.

Laser Digital, already licensed in the UAE and based in Zurich, currently offers a range of services including crypto funds, over-the-counter trading, and treasury management tools. Recently, the company introduced a tokenized bitcoin yield-bearing fund known as the Laser Digital Bitcoin Diversified Yield Fund.

It is important to note that the proposed bank will not offer deposit accounts or securities trading at its launch. This decision reflects the company’s focus on providing specialized services tailored to the needs of institutional clients in the digital assets industry.

Overall, Laser Digital’s application to establish a federally regulated national trust bank highlights the increasing demand for regulated and supervised services in the digital assets sector. If approved, the bank will play a significant role in providing secure custody and trading services for institutional clients in the U.S. and further solidify Laser Digital’s position as a key player in the digital assets industry.