Corporate Decision 1377: Laser Digital National Trust Bank (Nomura)
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Chartering, Organization and Structure
Corporate Decision #1377
May 2026
May 29, 2026
Purvi Maniar
Chief Legal Officer
Laser Digital Americas
450 Lexington Avenue
New York, NY 10017
Re: De Novo Charter Application and Request for Citizenship Waivers (Application)
Laser Digital National Trust Bank (LDNTB), New York, New York (Proposed)
Charter No.: 25414
OCC Control Number: 2026-Charter-344710
OCC Control Number: 2026-Waiver-345277
Dear Ms. Maniar:
The Office of the Comptroller of the Currency (OCC) has reviewed your Application to establish
a new national trust bank, which will engage in operations of a trust company and activities
related thereto, including fiduciary activities, with the title of Laser Digital National Trust Bank
(LDNTB or Bank). The OCC hereby grants preliminary conditional approval of your charter
application upon determining that your proposal meets certain regulatory and policy
requirements.1
This preliminary conditional approval is granted based on a thorough evaluation of all
information available to the OCC, including the representations and commitments made in the
Application and by the Bank’s representatives. The OCC has also made its decision to grant
preliminary conditional approval with the understanding that the Bank will apply for stock in a
Federal Reserve Bank in accordance with 12 USC 222. 2
The OCC has granted preliminary conditional approval only. Final approval and authorization
pursuant to 12 USC 27(a) for the Bank to commence business will not be granted until all
preopening requirements are met. Until final approval is granted, the OCC has the right to
modify, suspend, or rescind this preliminary conditional approval should the OCC deem any
interim development to warrant such action.
Proposed Bank
The Bank will be a wholly owned subsidiary of Laser Digital Americas Group Holdings, Inc.
(Laser Digital). Laser Digital is a subsidiary of Laser Digital Holdings AG, which was
established in 2022 and is the digital asset business unit of the Nomura Group, a publicly traded
1
The OCC also grants the request to waive the citizenship requirement for two directors.
2
See also 12 CFR 209.2.
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financial conglomerate based in Japan. The Bank will have its main office in New York, New
York.
The Bank will provide digital assets, securities, and fiat currency custody services as a fiduciary,
primarily for institutional clients. It will also provide a staking service for customers to earn a
yield on certain digital assets held under custody and a customer-directed spot trading service
that will enable customers to convert their digital assets and fiat currencies for other types of
digital assets or fiat currencies. The proposed staking and spot trading activities will be offered
only to custody customers and relate only to custodied assets. These services facilitate
customers’ use of custodial accounts, including by permitting customers to engage in
transactions to and from custodial accounts.
The OCC is authorized to charter national banks pursuant to the National Bank Act, 12 USC 21–
27. In 1978, Congress specifically confirmed the OCC’s general authority to charter banks that
limit their operations to those of a trust company. 3 The operations of a trust company (i.e., the
operations of a trust department of a bank or a limited purpose trust company) typically include
performing fiduciary activities, as well as other activities that may be non-fiduciary in nature,
such as non-fiduciary custody and safekeeping activities. 4 Custody and safekeeping activities are
fully within the activities of both trust departments5 and limited purpose trust companies in 1978
and today.6 Thus, the Bank’s proposed digital asset custody services in a fiduciary capacity are
trust company operations.7 Moreover, the transactional services described above are trust
company operations or related thereto based on their close relationship to the fiduciary custody
activities, as described above. All the Bank’s proposed activities also are permissible for a
national bank under 12 USC 92a or 24(Seventh). 8 Accordingly, the formation of the Bank is
authorized.
3
Congress amended the National Bank Act, 12 USC 27, to add this language in 1978. Financial Institutions
Regulatory and Interest Rate Control Act of 1978, Pub. L. 95-630, § 1504, 92 Stat. 3641, 3713 (1978) (adding this
sentence to what is now 12 USC 27(a)).
4
See OCC Interpretive Letter No. 1170 (July 22, 2020); OCC Interpretive Letter No. 1078 (Apr. 19, 2007); OCC
Interpretive Letter No. 1176 (Jan. 11, 2021). In addition, as of December 31, 2025, OCC-supervised uninsured
national trust banks reported a total of $7.0 trillion in assets under administration. Of that total, $1.7 trillion
consisted of custody and safekeeping accounts, while total fiduciary accounts totaled $5.3 trillion.
5
Id. See Letter from James. J. Saxon, Comptroller of the Currency, (June 25, 1963) (“safekeeping of the securities in
the customer’s portfolio and other custodian services, all of which will be performed by the bank’s Trust
Department in the usual case.”). See also Hearings before the House of Representatives Committee on Banking and
Currency on H.R. 6778, 91st Congress, Part 3 at 1056 (May 7, 8, and 9, 1969) (including proxy statement of Chase
Manhattan Bank, N.A., from 1969 stating that it provided custody services in its trust department).
6
See, e.g., 1976 S.D. Sess. Laws. ch. 304 § 1(1), (2) 492 (creating South Dakota “trust company” charter for a
“corporation” that sole purpose is the conduct of “trust business” and among the items defined as part of the trust
business is acting as a custodian and holding property for safekeeping).
7
See 12 CFR 5.20(e)(1)(i). The OCC recently approved charters for national trust banks to engage in certain
activities including digital asset custody activities. See OCC Conditional Approval No. 1356 (Dec. 12, 2025); OCC
Conditional Approval No. 1359 (Dec. 12, 2025).
8
National banks may offer custody in a fiduciary capacity under 12 USC 92a. See 12 CFR 9.13. The OCC has
previously concluded that providing digital asset custody services, including holding the unique cryptographic keys
associated with cryptocurrencies, is a permissible activity, whether conducted in a fiduciary or a non-fiduciary
capacity. OCC Interpretive Letter No. 1170 at 8. Moreover, a national bank holding digital assets in a fiduciary
capacity—such as a trustee, an executor of a will, an administrator of an estate, a receiver, or as an investment
2
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Public Comments and Analysis
The OCC received two comments in connection with the Application, one from a trade group
representing banks and one from a community group. One of the comments discussed the OCC’s
authority to charter the Bank and questioned whether the Bank’s activities were permissible for a
national trust bank. The OCC is authorized to charter national banks pursuant to the National
Bank Act, 12 USC 21–27. As explained herein, the proposed activities are permissible for a
national trust bank.
Two commenters asserted that the OCC or the Bank did not provide an appropriate amount of
information or give a sufficient amount of time for the public to have an opportunity to
meaningfully comment on the Application. The Bank filed all required publicly available
information on a timely basis. In considering the Bank’s identification of public information and
request for confidential treatment of specific information pursuant to 12 CFR 5.9(c), the OCC
followed its established policies and procedures. Although the commenters raised insufficiency
of public information, they were able to provide substantive comments on the Application. The
OCC has received sufficient information to make an informed decision regarding the Bank’s
Application, consistent with established agency policy and procedures, applying relevant
statutory requirements and regulatory factors.
One commenter discussed whether the Bank may engage in brokerage activity for digital assets
that are securities for purposes of Federal securities laws that would subject the Bank to
registration requirement under the Securities Exchange Act of 1934 9 or the Investment Advisers
Act of 1940,10 or require exemption from registration under Regulation R. 11 To the extent the
Bank’s activities implicate the Securities Exchange Act of 1934, the Investment Advisers Act of
1940, or Regulation R, the OCC will monitor for compliance, as applicable.
Two commenters discussed the history of enforcement actions or lawsuits involving affiliates of
the Bank. To the extent that underlying deficiencies relate to the planned activities of the Bank,
the relationships are attenuated and would be best evaluated as part of the supervisory process
rather than as a basis for denial of the application. Moreover, among other factors, when
considering an application to establish a de novo national bank, the OCC considers the
competence of management, whether the bank will be operated in a safe and sound manner, and
the organizers’ familiarity and ability to comply with laws and regulations. The OCC’s review of
advisor—would have the authority to manage them in the same way banks can manage other assets they hold as
fiduciaries. Id. at 9. The OCC has permitted national trust banks to engage in staking of digital assets on behalf of a
customer as an appropriate ancillary custody service, including when the staking was performed by a third party.
See, e.g., OCC Conditional Approval No. 1370 (Coinbase) (Apr. 2, 2026); OCC Conditional Approval No. 1353
(Dec. 12, 2025) (BitGo); OCC Conditional Approval No. 1257 (Jan. 13, 2021) (Anchorage); OCC Conditional
Approval No. 1259 (Feb. 4, 2021) (Protego). The OCC has also determined that facilitating digital asset trades on a
riskless principal basis is permissible for a national bank as part of the business of banking. OCC Interpretive Letter
No. 1188 (Dec. 9, 2025).
9
15 USC 78a et seq.
10
15 USC 80b-1 et seq.
11
17 CFR 247.
3
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the Application found favorably with respect to these factors. The OCC routinely examines for
compliance with applicable laws and regulations and evaluates whether institutions demonstrate
their ability to comply with applicable laws. The OCC will ensure that the Bank continues to
comply with all applicable requirements through the supervisory process.
One commenter discussed the applicability of the Community Reinvestment Act to the Bank.
However, the Community Reinvestment Act is not applicable to the Bank as a matter of law. The
Community Reinvestment Act applies to regulated financial institutions, and regulated financial
institutions is defined in 12 USC 2902(2) to mean an insured depository institution as defined in
12 USC 1813. Insured depository institution means any bank or savings association, the deposits
of which are insured by the FDIC. 12 The Bank will not be an insured depository institution. Since
no Community Reinvestment Act requirements apply, such requirements are not relevant to the
factors the OCC may consider for approval.
One commenter raised additional issues pertaining to the OCC’s ability to appropriately
supervise the Bank or resolve the Bank in the event of failure. The OCC is experienced in
supervising and regulating national banks, including national banks engaging in new or novel
activities. In the course of reviewing an application, the OCC considers the items above as they
relate to factors or considerations in 12 CFR Part 5. 13 The OCC reviewed the Bank’s Application
and has considered whether the Bank’s business model can be expected to achieve and maintain
profitability and found favorably.14 The OCC regulates and supervises all entities in its
jurisdiction in accordance with applicable law. The OCC has a supervisory unit specifically
responsible for novel banks consisting of examiners with specialized experience in novel
activities. The OCC has over 160 years of experience supervising and regulating a variety of
financial institutions and financial activities that have continuously evolved. The concerns raised
by the commenter are not grounds for denial of the Application.
With respect to concerns related to the OCC’s ability to resolve uninsured entities, the OCC has
a regulation pertaining to the resolution of uninsured national banks that outlines the receivership
process for uninsured entities.15 The OCC, through its application review, also considers, as
appropriate, potential considerations related to receivership or resolution. The OCC has the
capability to resolve an uninsured national bank.
Fiduciary Activities
The OCC approves the Bank’s plan upon commencing business to exercise fiduciary powers
pursuant to 12 USC 92a and 12 CFR 5.26. This approval constitutes a permit to exercise the
fiduciary powers requested in your Application under 12 USC 92a and 12 CFR 5.26(e)(4).
Specifically, the Bank will provide digital assets, securities, and fiat currency custody services in
a fiduciary capacity. The Bank’s proposed fiduciary custody is permitted under 12 USC 92a,
12
See also 12 CFR 25.11(c)(3).
13
See 12 CFR 5.20(f)–(h).
14
12 CFR 5.20(f)(2)(i)(D).
15
12 CFR Part 51.
4
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which states that fiduciary capacity may include “any other fiduciary capacity in which State
banks, trust companies, or other corporations which come into competition with national banks
are permitted to act under the laws of the State in which the national bank is located.” The Bank
will be located in the state of New York, and New York state law permits state trust companies
to provide digital asset custody services in a fiduciary capacity. The Bank’s provision of custody
services will be subject to fiduciary duties and standards of behavior.
Conditions
This preliminary conditional approval is subject to the following condition(s):
1. The Bank must limit its operations to those of a trust company and activities related
thereto, as specifically stated in the business plan. The Bank must not meet the definition
of “bank” under section 2(c)(1)-(2) of the Bank Holding Company Act.
2. If and to the extent necessary, the Bank must conform its proposed activities to comply
with the GENIUS Act (12 USC 5901 et seq.), any implementing regulations, and any
other applicable laws and regulations that take effect in the future, such compliance to be
determined in the sole discretion of the OCC.
3. The Bank shall: (i) give the Specialty Asset Supervisory Office at least sixty (60) days
prior written notice of its intent to significantly deviate or change from its business plan
or operations;16 and (ii) obtain the OCC’s written determination of no objection before the
Bank engages in any significant deviation or change from its business plan or operations.
For the avoidance of doubt, a significant deviation includes material changes to the
Bank’s products and services as well as changes to its risk and operating limits, as
detailed in its business plan. The OCC may impose additional conditions it deems
appropriate in a written determination of no objection to the Bank’s notice. This
condition shall remain in effect throughout the Bank’s in-organization period and during
the Bank’s first three years of operation.
4. The Bank must maintain a minimum of $6.50 million in tier 1 capital of which the greater
of at least 50 percent or its tier 1 capital or $3.25 million must be held in Eligible Liquid
Assets.17 The Bank must assess the appropriateness of its level of capital and liquidity on
a quarterly basis and hold such higher amounts of capital and liquidity as it determines
necessary to support the Bank’s risk profile, business strategies, and future growth
16
If such deviation is the subject of an application filed with the OCC, no separate notice to the supervisory
office is required.
17
The term “Eligible Liquid Assets” means only Liquid Assets that exceed the aggregate amount of all deposits,
borrowed funds, and other liabilities on the Bank’s balance sheet that reflect an obligation to repay funds to any
party. The term Eligible Liquid Assets shall not include any assets that are pledged in any manner, nor any assets
that are not free and kept free from any lien, encumbrance, charge, right of set off, credit or preference in connection
with any claim against the Bank. The term “Liquid Assets” means: (i) unencumbered cash; (ii) deposits at insured
depository institutions with a maturity of 90 days or less; (iii) United States government obligations maturing within
90 days or less; and (iv) such other assets as to which the Bank has obtained a written nonobjection from the OCC.
The term Eligible Liquid Assets shall not include any obligation of any affiliate.
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prospects, and to provide a cushion against unexpected losses. This condition will remain
in effect during the Bank’s first three years of operation.
5. The Bank must maintain 180 days of operating expenses 18 in Eligible Liquid Assets. This
amount must not be double counted with the Eligible Liquid Assets held to comply with
the foregoing condition. This condition will remain in effect during the Bank’s first three
years of operation.
6. Prior to the appointment of any individual to the position of “senior executive officer,” as
defined in 12 CFR 5.51(c)(4), or the appointment of any individual to the board of
directors, the Bank must submit to the OCC the information described in the “Changes in
Directors and Senior Executive Officers” booklet of the Comptroller’s Licensing Manual,
and receive a letter of no objection from the OCC. For purposes of this condition, “senior
executive officer” also includes the Chief Compliance Officer, the Bank Secrecy Act
Officer, the Chief Technology Officer, the Chief Information Security Officer, the Chief
Trust Officer, and any fiduciary officers or employees designated for that purpose. This
information is required by the authority of 12 USC 1818(b) and 12 CFR 5.20(g) and does
not require the OCC to review or act on any such information within ninety (90) days.
This condition will remain in effect throughout the Bank’s in-organization period and
during the Bank’s first three years of operation.
The conditions of this approval are conditions “imposed in writing by a Federal banking agency
in connection with any action or any application, notice, or other request” within the meaning of
12 USC 1818. As such, the conditions are enforceable under 12 USC 1818.
As a de novo national bank, the Bank must also meet the following requirements prior to
requesting its preopening examination and before the OCC will grant final charter approval
pursuant to 12 USC 27(a):
1. The Bank’s financial statements must be prepared on an accrual basis according to
generally accepted accounting principles.
2. The Bank must engage an independent, external auditor to perform an audit according to
generally accepted auditing standards of sufficient scope to enable the auditor to render
an opinion on the financial statements of the Bank, taken as a whole. The audit period
shall commence on the date that the organizing group forms a body corporate and may
end on any calendar quarter-end no later than 12 months after the Bank opens. The OCC
expects that such audits will be performed annually for at least three years following
commencement of operations. Engagement of an auditor will be verified during the
preopening examination (see the “Charters” booklet, Internal and External Audits
discussion).
18
The minimum 180 days of operating expenses must include all fixed and variable operating expenses that would
apply in a distressed, wind-down scenario and need not include expenses that would apply only in a normal
operating scenario, such as expenses related to research and development.
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3. The directors of the Bank must own qualifying shares in conformance with 12 USC 72
and 12 CFR 7.2005.
4. The Bank must have adequate fidelity bond coverage in accordance with 12 CFR 7.2013,
which lists four factors the directors should consider to determine adequacy (see the
“Charters” booklet, Fidelity and Other Insurance discussion).
5. The President, or the person serving in the function of President, must serve as a member
of the board of directors.
6. Each person who, together with his or her related interests, subscribes to 10 percent or
more of the initial stock offering must submit a biographical and financial report for
review to the Chartering, Organization & Structure staff prior to acquisition of the shares
and staff must have no objection to each person before purchasing the shares. After
opening the Bank, the Bank will comply with the requirements of 12 CFR 5.50.
7. Management and the board of directors must maintain policies and procedures that
address all OCC regulations and will guide the Bank’s operations in a safe and sound
manner. Management and the board of directors are responsible for establishing a robust
program to ensure compliance with the requirements of the Bank Secrecy Act (BSA) and
Office of Foreign Assets Control (OFAC), including policies and procedures approved by
the board of directors and a program that ensures personnel are appropriately trained in
BSA/AML/OFAC procedures. All policies and procedures must be completed no later
than the date of the applicant’s request for a preopening examination. In addition, the
board of directors must review and adopt the policies and procedures at its first meeting.
The board of directors is responsible for regular review and modification of policies and
procedures and for assuring continuous compliance with them.
8. The Bank must have a security program in place that complies with the “Interagency
Guidelines Establishing Standards for Safeguarding Customer Information” specified at
12 CFR 30, Appendix B.
9. The Bank must submit to the Specialty Asset Supervisory Office for review, and prior
written determination of no supervisory objection, a complete description of the Bank’s
final information systems and operations architecture as well as the information systems
risk assessment and management plan. This should include a schematic drawing.
10. The Bank must ensure that all other required regulatory approvals have been obtained.
11. A letter must be submitted to the Chartering, Organization and Structure staff at least 60
days before the Bank is scheduled to open, notifying the OCC that all conditions and
requirements necessary to receive a national bank charter have been met and that the
Bank is fully operationally ready to conduct business, requesting a preopening
examination, and providing the anticipated opening date.
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The manner in which capital is raised must not deviate from that described in the application
without prior written OCC notification. If the capital for the Bank is not raised within 12 months
or if the Bank is not opened for business within 18 months from the preliminary conditional
approval date, this approval expires. The OCC is opposed to granting extensions, except under
the most extenuating circumstances and when the OCC determines that the delay is beyond the
applicant’s control. The organizers are expected to proceed diligently, consistent with their
application, for the Bank to open for business as soon as possible.
Organizers, Directors and Officers
The OCC poses no objection to the following person serving as executive officer, directors,
and/or organizers as proposed in the Application:
Name Title
Purvi Maniar Organizer, Director and President
Steven Ashley Organizer, Director and Chairman of the Board
Anna Tse Organizer, Director, Chief Compliance Officer, BSA Compliance Officer
Darren Burnett Organizer and Director
Frank Weigand Organizer and Independent Director
Prior to the Bank’s opening, the Bank must obtain the OCC’s prior written determination of no
objection for any additional organizers or executive officers, or directors appointed or elected
before the person assumes the position.
Waiver of Citizenship Requirements
The OCC also grants your request to waive the citizenship requirements of 12 USC 72 for Steven
Ashley and Darren Burnett to serve as members of the board of directors of the Bank. This
waiver is based upon a review of all available information, including the filing, subsequent
correspondence and telephone conversations, and the Bank’s representation that this waiver will
not affect the board of director’s responsibility to direct the Bank’s operations in a safe and
sound manner. The OCC reserves the right to withdraw or modify this waiver and, at its
discretion, to request additional information at any time in the future.
Organizing Steps and Pre-Opening Requirements
The “Charters” booklet in the Comptroller’s Licensing Manual provides guidance for organizing
your Bank. The booklet is located at the OCC's web site: https://www.occ.gov/publications/
publications-by-type/licensing-manuals/charters.pdf. The booklet contains all the steps you must
take to receive final approval.
As detailed in the booklet, you may establish the corporate existence of and begin organizing the
Bank as soon as you adopt and forward Articles of Association and the Organization Certificate
to the Chartering, Organization and Structure office for our review and acceptance. The Bank
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may not begin the business of banking until it fulfills all requirements for a bank in organization
and the OCC grants final approval.
As a “body corporate” or legal entity, you may begin taking those steps necessary for obtaining
final approval. “In Organization” should follow the bank’s name in all official documents,
stationery, advertisements, and other references to the Bank until it opens for business.
Enclosed is a pre-opening checklist for new national banks. The Bank must meet the conditions
and requirements above before it is allowed to commence business and the board of directors
must ensure that the applicable policies and procedures are established and adopted before the
Bank begins operation.
Conclusion
This preliminary conditional approval and the activities and communications by OCC employees
in connection with the filing do not constitute a contract, express or implied, or any other
obligation binding upon the OCC, the United States, any agency or entity of the United States, or
any officer or employee of the United States, and do not affect the ability of the OCC to exercise
its supervisory, regulatory, and examination authorities under applicable law and regulations.
The foregoing may not be waived or modified by any employee or agent of the OCC or the
United States.
Our approval is based on the Bank’s representations, submissions, and information available to
the OCC as of this date. The OCC may modify, suspend, or rescind this approval if a material
change in the information on which the OCC relied occurs prior to the date of the transaction to
which this decision pertains.
If you have any questions, please reach out to your points of contact for Chartering, Organization
and Structure.
Sincerely,
//signed//
Stephen A. Lybarger
Senior Deputy Comptroller
Chartering, Organization and Structure
Enclosure: Pre-Opening Checklist
cc: Kevin Johnson, Assistant Deputy Comptroller, Specialty Asset Supervisory Office
Louis Lindstrom, Specialist, Specialty Asset Supervisory Office
Chris Sadej, Examiner in Charge, Specialty Asset Supervisory Office
Joshua L. Boehm, Paul Hastings LLP
Dana V. Syracuse, Paul Hastings LLP
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