Cryptocurrency payments provider MoonPay has announced a significant expansion of its services following the granting of a trust charter from New York’s Department of Financial Services (NYDFS). This regulatory approval, confirmed in a recent announcement, empowers MoonPay to offer crypto custody and over-the-counter trading services within the state, significantly broadening its operational capabilities.
Co-founder and CEO Ivan Soto-Wright expressed enthusiasm regarding the newfound trust charter, emphasizing that it will enable the company to forge deeper relationships with global financial institutions and enhance its suite of regulated offerings. This latest achievement follows MoonPay’s successful acquisition of a BitLicense from NYDFS in June, a milestone that underscores its commitment to regulatory compliance.
MoonPay joins a select group of companies, including Ripple Labs, Coinbase, and NYDIG, which have similarly secured both a trust charter and a BitLicense from New York’s financial regulator. While Coinbase and Ripple have sought a federal trust charter from the U.S. Office of the Comptroller of the Currency, as of the latest updates, no decisions have been announced regarding their applications.
The recent passage of the GENIUS Act, intended to create a framework for payment stablecoins, has spurred various firms in the cryptocurrency space to broaden their services to include stablecoin offerings. Although the law has yet to take effect, MoonPay previously disclosed its initiative to facilitate the launch and distribution of stablecoins by issuers.
In the broader financial landscape, the anticipation surrounding stablecoin regulations appears to be influencing traditional finance players. For instance, Visa announced an expansion of its stablecoin services on its settlement platform in July. Meanwhile, Bank of America CEO Brian Moynihan indicated that the bank is contemplating the development of its own stablecoin in collaboration with other financial institutions.
This evolving regulatory environment and the push towards stablecoins demonstrate a significant shift in how both traditional and digital financial ecosystems are adapting to the demands and opportunities presented by cryptocurrency innovation.
