Morgan Stanley applies for a banking license to expand digital asset custody and staking services

Morgan Stanley has applied for a new national trust bank license to conduct digital asset custody services and plans to offer staking and trading services for investment clients, demonstrating its continued strategic focus on expanding in the crypto space. The application was submitted by Morgan Stanley Digital Trust to the Office of the Comptroller of the Currency (OCC) on February 18. If approved, this license will allow Morgan Stanley to provide digital asset custody and related services as a banking institution. This move marks a further shift in Morgan Stanley’s attitude toward digital assets. In recent years, the bank has gradually moved from a cautious stance to more actively participating in the digital asset market, aligning with the overall trend among traditional financial institutions. Previously, Morgan Stanley appointed senior executive Amy Oldenburg to lead its digital asset strategy, applied to launch spot Bitcoin and Solana ETF products, and plans to introduce its own digital wallet later this year. Morgan Stanley’s license application comes at a time when several crypto-native firms are seeking compliant banking status. Recently, multiple companies have received conditional approvals, indicating that the integration of traditional finance and the crypto industry is accelerating.