TL;DR
- MoonPay secured a New York Limited Purpose Trust Company license and can now provide digital asset custody and OTC trading under a strict regulatory framework.
- The company adds this authorization to its existing BitLicense, placing it on the same level as Coinbase, Ripple, PayPal, and NYDIG.
- The license enables services with formal audits, traceability, and banking controls, allowing MoonPay to close agreements with banks, fintech companies, and corporate clients.
MoonPay obtained a key authorization in the state of New York by receiving the New York Limited Purpose Trust Company license, a category that enables the company to operate digital asset custody services and OTC transactions under one of the most demanding regulatory frameworks in the financial sector.
Recognition from the Department of Financial Services comes after the company secured a BitLicense in June and places it within the small group of companies that hold both credentials, including Coinbase, Ripple, PayPal, and NYDIG.
Full Fiduciary Infrastructure for Institutions
The new status allows MoonPay to provide custody and trading of digital assets within a fiduciary infrastructure that includes formal requirements for auditing, traceability, and banking controls. This structure is directed toward the institutional market, where funds and corporations demand a legal framework with defined responsibilities, verifiable processes, and compliance guarantees in every transaction.
CEO Ivan Soto-Wright states that the authorization strengthens the company’s position as a provider and supports the expansion of agreements with banks, fintechs, and corporate clients that want to operate with cryptocurrencies through fully supervised services. He also said that the license helps deepen the integration between traditional finance and blockchain-based solutions, a strategic line MoonPay has pursued for several years with a presence in the United States, United Kingdom, European Union, Australia, and Canada.
A MoonPay Stablecoin?
MoonPay opened the door to a potential business line related to issuing stablecoins, although any expansion would require additional approvals. The New York fiduciary framework aligns with the trend pushing issuers, processors, and infrastructure providers to operate under models similar to those of banks or trust companies.
MoonPay is a company focused on simplifying access to the crypto market through payment gateways familiar to traditional users, such as credit cards, PayPal, Venmo, and Apple Pay. This model enables buying, selling, and managing digital assets and stablecoins without specialized technical tools, making crypto services more accessible to businesses and new market participants.
The company reports a base of 30 million users and nearly 500 companies integrated into its infrastructure, a scale that makes it a major provider in the cryptocurrency industry.
