Cryptocurrency payments company MoonPay announced the expansion of its regulated services after receiving a trust charter from the New York Department of Financial Services (NYDFS).

In a recent announcement, MoonPay noted that the regulatory approval will enable the firm to offer crypto custody and over-the-counter trading services within New York.

MoonPay expansion Source: MoonPay

Ivan Soto-Wright, MoonPay’s co-founder and CEO, remarked that this approval will enhance their ability to build stronger connections with global financial institutions and broaden their suite of regulated services. Previously, the company had acquired a BitLicense from the NYDFS in June.

Notable companies such as Ripple Labs, Coinbase, and NYDIG are also recipients of both trust charters and BitLicenses issued by New York’s financial regulator. Although both Coinbase and Ripple have submitted applications for a federal trust charter with the Office of the Comptroller of the Currency, a decision on that matter had yet to be revealed as of Tuesday.

Advancements in Stablecoin Infrastructure under the GENIUS Act

Since the signing of the GENIUS Act in July, which aims to create a regulatory framework for payment stablecoins, several crypto firms have diversified their offerings to include stablecoins. MoonPay announced on November 13 that it successfully launched an initiative allowing issuers to create and distribute their own stablecoins.

This new stablecoin legislation could potentially reshape operations for traditional finance firms in the U.S. Visa revealed in July that it had expanded its stablecoin derivatives on its settlement platform, while Bank of America CEO Brian Moynihan indicated the bank’s interest in collaborating with other financial institutions to develop a stablecoin.