Cryptocurrency exchange Coinbase Global (NASDAQ: $COIN) has received conditional approval for a national trust company charter from the Office of the Comptroller of the Currency.

The charter moves Coinbase a step closer to becoming a federally regulated cryptocurrency custodian.

Coinbase Global must now build out compliance systems, hire key staff, pass regulatory reviews, and demonstrate strong risk management and anti-money-laundering controls before it can secure a full charter in the U.S.

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