Morgan Stanley applies for a banking license to expand its digital asset custody and pledging business.

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