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.

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