PayPal secures crypto trust license from New York regulatory body

IconCryptoNewsTerminal Staff29 May, 2024

cryptonews.jpg

PayPal secures crypto trust license from New York regulatory body

PayPal has obtained a Limited Purpose Trust Charter from the New York State Department of Financial Services (NYDFS), providing the company with the authority to operate as a digital asset custodian and stablecoin issuer. This license is a significant development for PayPal, as it allows the company to expand its offerings in the rapidly growing cryptocurrency market. PayPal has already been offering cryptocurrency services to its users, but the new license will enable it to provide a wider range of products and services, similar to other established digital asset custodians and stablecoin issuers. The NYDFS is one of the most respected financial regulators in the world, and its decision to grant PayPal a trust license is a testament to the company's commitment to compliance and security. This move is also expected to boost confidence in the cryptocurrency market as a whole, as it shows that a major financial institution is willing to embrace digital assets.

Related News