Morgan Stanley Targets Direct Crypto Custody With Trust Bank Application

Morgan Stanley has filed for a national trust bank charter with the Office of the Comptroller of the Currency that would allow it to offer direct cryptocurrency custody to institutional clients. The $9 trillion bank submitted a de novo application on February 18, marking a notable step in Wall Street’s move into digital assets.

If approved, the charter would place Morgan Stanley alongside crypto-native custodians such as BitGo and Anchorage Digital while testing the boundaries of traditional banking regulation. The move shifts the competitive landscape: the OCC has granted conditional trust charters to crypto-focused firms before, but full approval for a legacy wirehouse would signal a significant regulatory change.

The application outlines plans for custody, trading and staking services, and Morgan Stanley is simultaneously investing in backend infrastructure for tokenized assets.

United States, Wall Street

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