Cryptocurrency payment company MoonPay announced that it will expand its regulated services following the trust charter granted by the New York State Department of Financial Services (NYDFS).
MoonPay stated in a notice on Tuesday that the New York financial regulator has granted the company a trust charter. This regulatory approval will allow the payment company to offer crypto custody and over-the-counter trading services in New York.
MoonPay co-founder and CEO Ivan Soto-Wright said that this approval will enable the company to "deepen relationships with global financial institutions" and expand its existing regulated services. The payment company obtained a BitLicense from NYDFS in June.
Other cryptocurrency and payment companies that simultaneously received trust charters and BitLicenses from the New York financial regulator include Ripple Labs, Coinbase, and NYDIG. Both Coinbase and Ripple have applied for federal trust charters with the Office of the Comptroller of the Currency (OCC), but as of Tuesday, the banking regulator has not announced its decision.
Since the signing of the GENIUS Act in July, which established a framework for payment stablecoins in the U.S., several crypto companies have expanded their services to include stablecoins.
Although the law has not yet taken effect, MoonPay announced on November 13 that it has launched a program allowing issuers to launch and distribute their own stablecoins.
The stablecoin legislation may also impact how traditional financial companies operate in the U.S. Visa stated in July that it has expanded its stablecoin products on its settlement platform, and reportedly, Bank of America CEO Brian Moynihan indicated that the bank is considering collaborating with other financial institutions to create a stablecoin.
Related: Anthony Pompliano: Wall Street need not be concerned about Bitcoin (BTC) volatility
Original article: “MoonPay Secures New York Trust Charter, Expands Regulated Services”
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