Cryptocurrency payments company MoonPay said it should expand its offering of regulated services after receiving a certificate of trust from the New York Department of Financial Services (NYDFS).
In a press release Tuesday, MoonPay said the New York Financial Regulatory Commission had granted the corporate a deed of trust. The regulatory approval will allow the payments company to supply 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 corporate to “deepen relationships with global financial institutions” and expand its existing regulated services. The payments company secured a BitLicense from NYDFS in June.
Other crypto and payments firms which have received each a deed of trust and a BitLicense from the New York Financial Regulator include Ripple Labs, Coinbase and NYDIG. Both Coinbase and Ripple have applied for a federal trust charter from the U.S. Office of the Comptroller of the Currency, however the banking regulator had not announced its decision as of Tuesday.
Entry into the stablecoin infrastructure under the GENIUS Act
Since the signing of the GENIUS Act within the US in July, which establishes a framework for stablecoin payments, several crypto firms have expanded their services to stablecoins.
Although the law has not yet taken effect, MoonPay said on November 13 that it had launched an initiative that enables issuers to launch and distribute their very own stablecoins.
The stablecoin law can also have affected the way in which traditional financial firms do business within the US. Visa announced 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 making a stablecoin in collaboration with other financial institutions.
