According to CryptoSlate, the federal trust charter for Coinbase National Trust Company took effect on November 6, with the OCC approving its opening starting November 9 to gradually take over custodial accounts from its New York trust company. The authorization does not mean that the actual opening or account migration has been verified as complete, and the timeline for migrating clients on a case-by-case basis has not yet been disclosed. Conditions for the first three years listed in the report include at least $60 million in Tier 1 capital, a prescribed liquid asset buffer, and an independent reserve covering 180 days of operating expenses. Major business changes require a 60-day advance notice and written non-objection from the OCC.