MoonPay has recently achieved a significant milestone by securing the New York Limited Purpose Trust Company license, which allows it to provide digital asset custody services and engage in over-the-counter (OTC) trading under one of the most stringent regulatory environments in the financial sector. This license complements MoonPay’s existing BitLicense acquired back in June, positioning the company alongside established players such as Coinbase, Ripple, PayPal, and NYDIG, all of which are recognized as industry leaders.
With this new authorization, MoonPay can now offer a full fiduciary infrastructure aimed primarily at institutional clients. This infrastructure is characterized by rigorous requirements for auditing, traceability, and robust banking controls. The institutional market has been demanding legal frameworks that encompass defined responsibilities, verifiable processes, and assurances of compliance, all of which are vital for fund managers and corporations looking to transact in cryptocurrencies.
Ivan Soto-Wright, MoonPay’s CEO, highlighted that this new status not only fortifies the company’s standing as a reliable service provider but also paves the way for deeper partnerships with banks, fintech firms, and corporate clients interested in operating securely within the crypto landscape. He emphasized that the license enhances the bridge between traditional finance and blockchain technologies, a strategic direction MoonPay has been pursuing in regions like the United States, United Kingdom, European Union, Australia, and Canada.
In addition to its regulatory achievements, MoonPay has hinted at the potential for expanding into stablecoin issuance, although such an endeavor would require further regulatory approvals. The company’s operations within New York’s fiduciary framework align perfectly with the industry trend favoring models that resemble those of traditional banks and trust companies.
MoonPay’s focus has been on simplifying access to the cryptocurrency market for ordinary users. Their payment gateways integrate familiar platforms like credit cards, PayPal, Venmo, and Apple Pay, allowing users to buy, sell, and manage digital assets and stablecoins without needing specialized technical knowledge. Currently, MoonPay boasts a substantial user base of 30 million and supports nearly 500 companies in its infrastructure, solidifying its role as a key player in the cryptocurrency industry.
