MoonPay, a leading crypto payment infrastructure provider, has achieved a significant regulatory milestone by obtaining a Limited Purpose Trust Charter from the New York Department of Financial Services (NYDFS). This grant places MoonPay among an exclusive cadre of companies permitted to deliver a wide range of cryptocurrency services within New York State, a jurisdiction known for its stringent regulatory environment.
The newly acquired trust charter enhances MoonPay’s existing capabilities, complementing its current BitLicense from the NYDFS. With both licenses, MoonPay stands out as one of the few firms to hold this dual regulatory approval under New York’s comprehensive crypto framework. Notable companies that have similarly obtained both licenses include Coinbase, PayPal, Ripple, and NYDIG, indicating the competitive nature of the crypto landscape in New York.
With the Limited Purpose Trust Charter, MoonPay is now authorized to provide custody and fiduciary services related to digital assets, effectively broadening its offerings beyond its primary focus on payment processing. The BitLicense, first introduced by the NYDFS, allows MoonPay to conduct essential cryptocurrency transmission and exchange services within the state.
New York’s regulatory framework is considered among the most rigorous in the United States, necessitating extensive compliance protocols for firms aiming to participate in the state’s financial ecosystem. The NYDFS mandates thorough scrutiny and regulatory adherence, reinforcing the importance of trust and security in the crypto industry.
This latest development marks a pivotal step for MoonPay, empowering it to offer more comprehensive solutions for digital asset management while ensuring compliance with the highest industry standards.
