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- MoonPay secures New York Trust Charter to expand regulated crypto services.
- New approval strengthens MoonPay’s position among top licensed crypto companies.
- Firm gains fiduciary authority, enhancing digital asset custody and trading options.
Crypto payments company MoonPay has earned a New York Trust Charter, granting it the authority to operate as a trust company in the state. This is a notable achievement that can position MoonPay in the exclusive group of companies holding both a New York Trust Charter and a Bitlicense. MoonPay can now offer enhanced services alongside other prominent participants, including Coinbase, NYDIG, and Ripple, based on the regulatory framework established by the New York State Department of Financial Services (NYDFS).
MoonPay can now offer digital asset custody and over-the-counter (OTC) trading services following the issuance of its new trust charter. This puts the firm in a position to increase its products within the stipulations of the NYDFS. The company is also well-positioned to meet the future regulatory requirements for the issuance of stablecoins in the U.S., particularly the federal GENIUS Act. Importantly, MoonPay is now permitted to act as a fiduciary to its clients in New York, which is crucial for financial companies seeking to utilize crypto assets.
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Co-founder and CEO of MoonPay, Ivan Soto-Wright, stated that the New York Trust Charter was awarded to them, emphasizing their commitment to upholding high compliance, security, and governance standards. This will not only help MoonPay strengthen its relationship with financial institutions worldwide but also expand its regulated services. The company adheres to the objectives of connecting traditional finance with digital assets in a manner that fosters client trust.
Strategic Growth and Expanding Influence
The most recent success of MoonPay is a continuation of the company’s overall vision: to build a global network of payments that brings together banks, card systems, stablecoins, and blockchain. It has been busy seeking to gain essential U.S. licenses, as well as adhering to European MiCA regulations. MoonPay is also expanding its offerings with the acquisitions of companies such as Helio, a Solana-based firm, stablecoin infrastructure company Iron, and on-chain payment solution Decent.xyz.
MoonPay serves more than 30 million customers and is an essential infrastructure to approximately 500 companies. The company successfully entered the spotlight during the pandemic bull market, with major platforms like OpenSea and Bitcoin.com integrating with it, and celebrities such as Paris Hilton and Jimmy Fallon also raising its profile within the digital asset space.
The Bitlicense and New York Trust Charter received by MoonPay confirm that the company is a leader in the regulatory-compliant cryptocurrency industry and that it can expand further in this sphere.
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