MoonPay Secures NY Trust Charter, Paving Way for Institutional Crypto Custody

• MoonPay receives a New York Limited Purpose Trust Charter from the NYDFS.
• The company’s CEO says this move strengthens governance, compliance, and relationships with financial institutions.
• The charter could open a path for the company to issue a stablecoin, though it would need separate approval from NYDFS.

MoonPay, the leading crypto payments company, has made a serious move into regulated financial infrastructure by obtaining a New York trust charter from the New York State Department of Financial Services. The major milestone will finally give institutions a trusted means of handling digital assets, with the company able to offer custodial services and over-the-counter crypto trading under strict regulatory supervision.

What the Trust Charter Means

The NYDFS licensed MoonPay Trust Company, LLC as a Limited Purpose Trust Company, which provides the opportunity to serve as a fiduciary for digital assets. This means, in practice, that the company can hold crypto on behalf of clients, such as asset managers or banks, in a legally regulated way.

The trust charter complements the company’s existing BitLicense, placing it in a small group of regulated crypto firms (e.g., Coinbase, Ripple).

Also Read: Ripple, Coinbase & MoonPay Join California Task Force to Advance Government Efficiency

Strategic Implications

The charter represents the company’s commitment to “the highest standards of compliance, security, and governance,” said CEO Ivan Soto-Wright. By having the trust company, the company will be able to expand its institutional offerings to meet demand from banks, fintechs, and asset managers who require regulated custody.

Source: MoonPay

The company also plans to consider the issuance of a regulated stablecoin in New York-but that would take additional approval from the NYDFS.

Also Read: MoonPay Secures NYDFS BitLicense to Power U.S. Crypto Expansion