MoonPay Secures New York Trust Charter to Expand Crypto Custody and OTC Services

Key Developments

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  MoonPay has been authorized by the New York Department of Financial Services (NYDFS) to offer digital asset custody and over-the-counter (OTC) trading.
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  The New York Trust Charter significantly strengthens MoonPay’s regulated global presence.
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  This approval positions MoonPay among other major players like Coinbase, PayPal, Ripple, and NYDIG in the regulated crypto space.

Expanded Regulatory Authority in New York

MoonPay has received authorization from the New York State Department of Financial Services (NYDFS) to operate MoonPay Trust Company, LLC, a New York Limited Purpose Trust Company (LPTC). This charter empowers the company to provide digital asset custody and over-the-counter (OTC) trading services, operating under one of the world's most respected regulatory frameworks.

This approval represents a significant milestone for MoonPay, reinforcing its position within the institutional crypto sector. Ivan Soto-Wright, co-founder and CEO of MoonPay, highlighted that the New York Trust Charter demonstrates the company's dedication to "meeting the highest standards of compliance, security, and governance."

The newly acquired charter will facilitate MoonPay's expansion of regulated offerings, encourage deeper collaborations with global financial institutions, and further integrate traditional finance with digital assets.

Expanding Regulated Services for Institutions

MoonPay now joins an exclusive group of crypto firms that hold both the NYS BitLicense and New York Limited Purpose Trust Charters. This distinguished list includes established companies such as Coinbase, PayPal, Ripple, and NYDIG. The establishment of MoonPay Trust Company complements the company's existing financial licenses across various jurisdictions, providing a robust, regulated foundation for scaling its services globally. Industry analysts suggest that this charter also opens avenues for potential future compliant stablecoin issuance, though any such products would necessitate prior NYDFS approval.

Positioning for Global Crypto Adoption

By obtaining this charter, MoonPay is strategically positioning itself as a reliable infrastructure provider for institutional and enterprise clients. The company will offer secure and compliant solutions for both custody and OTC trading. This development signals an increasing regulatory acceptance of digital assets and aligns with MoonPay's broader objective of bridging the gap between traditional financial systems and the rapidly expanding cryptocurrency ecosystem.

As institutional engagement with digital assets continues to grow, regulatory approvals like MoonPay's New York Trust Charter are becoming essential for establishing trust and setting compliance standards. This signifies a trend where the next generation of crypto services will likely be more accessible, secure, and heavily regulated.

In a related development, MoonPay recently introduced MoonPay Labs, an accelerator program designed to support early-stage Web3 startups. This initiative aims to provide pre-seed and seed-stage technical teams with essential resources, including capital, product support, and strategic guidance for growth.