BitGo receives approval from the U.S. Office of the Comptroller of the Currency to transform into a banking institution.

According to Mars Finance, cryptocurrency custodian BitGo announced on Friday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency to transform into a banking institution. Once final approval is granted, BitGo will convert its South Dakota-registered trust company into a federally chartered national trust bank, capable of custodying digital assets and certain non-deposit-taking financial assets, and offering regulated cryptocurrency-related services, without requiring state-by-state approval. The company stated it expects to receive final approval soon.