MoonPay secures New York trust charter, expands regulated services
Analysis
Price Impact
MedMoonpay securing a new york trust charter and expanding regulated services (custody, otc trading) is a significant step towards greater institutional adoption and regulatory clarity in a key financial hub. this positive development generally boosts confidence in the broader crypto market.
Trustworthiness
HighThe news is directly reported from a reputable source (cointelegraph) about a confirmed regulatory approval from the nydfs, a highly respected financial regulator.
Price Direction
BullishIncreased regulatory acceptance and the expansion of regulated crypto services by a major player like moonpay reduce market uncertainty and pave the way for broader institutional and retail participation. the stablecoin initiative also supports market liquidity and utility.
Time Effect
LongRegulatory milestones like this contribute to the long-term maturation, legitimization, and mainstream adoption of cryptocurrencies, rather than causing immediate short-term price swings.
Original Article:
Article Content:
Turner Wright 2 minutes ago MoonPay secures New York trust charter, expands regulated services The regulatory approval followed the payments company obtaining a BitLicense from the NYDFS in June, making it one of a handful of crypto companies to have both. Listen 0:00 16 News COINTELEGRAPH IN YOUR SOCIAL FEED Cryptocurrency payments company MoonPay said it would expand its offering of regulated services after being granted a trust charter by New York’s Department of Financial Services (NYDFS). In a Tuesday notice, MoonPay said New York’s financial regulator had granted the company a trust charter. The regulatory approval will allow the payments company to provide crypto custody and over-the-counter trading services in New York. Source: MoonPay MoonPay co-founder and CEO Ivan Soto-Wright said the approval would allow the company to “deepen relationships with global financial institutions,” and expand its existing regulated services. The payments company secured a BitLicense from the NYDFS in June. Other crypto and payments companies that have both obtained a trust charter and BitLicense from the New York financial regulator include Ripple Labs, Coinbase, and NYDIG. Both Coinbase and Ripple have applied for a federal trust charter with the US Office of the Comptroller of the Currency, but the banking regulator had not announced its decision as of Tuesday. Related: WisdomTree wins NYDFS trust company charter Pivoting into stablecoin infrastructure under the GENIUS Act Since the GENIUS Act, which establishes a framework for payment stablecoins, was signed into law in the US in July, several crypto companies have expanded their services to include stablecoins. Though the law has not yet taken effect, MoonPay said on Nov. 13 that it had launched an initiative allowing issuers to launch and distribute their own stablecoins. The stablecoin law may have also influenced how traditional finance companies do business in the US. Visa said in July that it had expanded stablecoin offerings on its settlement platform, and Bank of America CEO Brian Moynihan reportedly said the bank was considering creating a stablecoin in partnership with other financial institutions. Magazine: Sunny Lu: Getting scammed for 100 Bitcoin led him to create VeChain # Business # Banks # Bitcoin Regulation # New York # Bitcoin Payments Add reaction