PANews reported on December 13 that, according to an official announcement, the Office of the Comptroller of the Currency (OCC) has approved the franchise applications of five national trust banks, including BitGo. BitGo has been authorized to transform its South Dakota-registered trust company, BitGo Trust Company, Inc., into a national bank called BitGo Bank & Trust, National Association (NA). BitGo Bank & Trust, NA is authorized to provide the following services: custody and maintenance of digital assets and certain non-deposit financial assets under federal trust and non-trust mandates; and to provide certain digital asset-related services nationwide without state-by-state licensing, provided that federal law takes precedence over duplicate obligations.