Laser Digital, the crypto subsidiary of Japanese banking giant Nomura, has filed a de novo application with the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. If approved, the charter would allow the firm to operate uniformly across all 50 U.S. states, preempting the costly patchwork of state-level money transmitter licenses.
The proposed entity, to be named Laser Digital National Trust Bank (LDNTB), marks a significant escalation in traditional finance’s attempt to capture regulated crypto infrastructure. While crypto-native firms have spent years navigating state-by-state compliance, Nomura is betting on a federal mandate to secure institutional market share.
The Federal Preemption Play
The strategic value of an OCC charter lies in preemption. Currently, most crypto custodians must acquire and maintain individual licenses (like New York’s BitLicense) in every jurisdiction they serve. A national trust charter eliminates this requirement, replacing it with a single federal regulator.
According to the official announcement, LDNTB plans to offer a vertically integrated service suite:
- Custody: Safeguarding digital assets and U.S. government securities.
- Execution: Spot trading for both crypto and fiat currencies.
- Yield: Staking services for eligible custodied assets.
Steve Ashley, Laser Digital’s Chairman, framed the move as a long-term solvency play rather than a short-term cash grab.
“Institutional digital asset markets are entering a new phase defined by scale, regulation, and durability. The U.S. is the most important financial market globally, and we believe the next chapter of digital finance will be written by firms that are prepared to operate at that level of scrutiny.”
Institutional Context: The Hardest Path
Obtaining an OCC charter is notoriously difficult for crypto firms. While Anchorage Digital successfully secured approval in 2021, others have faltered. Paxos and Protego both received conditional approvals that ultimately expired without conversion to full charters.
However, the tide may be turning. Laser Digital’s filing arrives amidst a flurry of activity, with reports indicating nearly 14 similar applications were filed in 2025 alone. This includes high-profile moves by entities like World Liberty Financial, suggesting that institutional players anticipate a more permissive federal regulatory environment under the new administration.
Unlike a full commercial bank, LDNTB will not accept retail deposits or issue loans, focusing strictly on fiduciary and custodial services. This distinct structure allows the entity to avoid the strictest capital requirements of standard banking while still benefiting from federal legitimacy.
