The regulatory approval followed the payments company obtaining a BitLicense from the NYDFS in June, making it one of a handful of crypto companies to have both. Cryptocurrency payments company MoonPay said it would expand its offering of regulated services after being granted a trust charter by New York’s Department of Financial Services (NYDFS). In a Tuesday notice, MoonPay said New York’s financial regulator had granted the company a trust charter. The regulatory approval will allow the payments company to provide crypto custody and over-the-counter trading services in New York. MoonPay co-founder and CEO Ivan Soto-Wright said the approval would allow the company to “deepen relationships with global financial institutions,” and expand its existing regulated services. The payments company secured a BitLicense from the NYDFS in June. Read more
Standard Chartered will provide digital asset custody for 21Shares, signaling deeper TradFi expansion into crypto and raising questions about Zodia Custody’s future role. Major bank Standard Chartered announced fund manager 21Shares has selected it as its digital asset custodian, potentially moving away from a crypto-native partner. According to a Monday announcement from Standard Chartered shared with Cointelegraph, the bank will provide crypto custody services to 21Shares, which offers multiple exchange-traded crypto products. Margaret Harwood-Jones, the bank’s global head of financing and securities services, said the collaboration allows them to “to extend our expertise into the fast-evolving digital asset ecosystem.” However, 21Shares already had a crypto-native custody partner. In late June 2024, the fund manager partnered with crypto-native custodian Zodia Custody to hold its assets. Zodia Custody was co-founded by Standard Chartered in 2020 and operated as a wholly owned subsidiary, indicating that th...
How a 100 Bitcoin scam, World of Warcraft and a tour of China with Vitalik Buterin led Louis Vuitton’s IT guy Sunny Lu to create VeChain. VeChain founder and CEO Sunny Lus first experience buying Bitcoin is the kind of moment that sticks with you for life, but not in the way most Bitcoin OGs would hope. The first encounter with Bitcoin, I got scammed in 2012, Lu tells Magazine. The timing couldnt have been worse. Lu desperately needed that Bitcoin to solve an urgent crisis in his life. Read more
Regulators and the Bank of Korea remain at odds over bank dominance in issuing won-backed stablecoins, stalling a long-awaited framework expected this year. South Korea is likely to end the year without a framework for locally issued stablecoins, amid ongoing disputes over the role of banks in stablecoin issuance. The country’s central bank, the Bank of Korea (BOK), and other financial regulators have clashed over the extent of banks’ involvement in issuing Korean won-backed stablecoins, delaying a framework widely expected to arrive in late 2025, the Korea JoongAng Daily reported Tuesday. According to the BOK, a consortium of banks should own at least 51% of any stablecoin issuer seeking regulatory approval in South Korea, while regulators are more open to the involvement of diverse industry players. Read more
A former lawyer for Coinbase, Khurram Dara, has thrown his hat in the race for New York attorney general. But incumbent Letitia James has a strong foothold, and a Republican hasn't won in 30 years. A former policy lawyer at crypto exchange Coinbase is running for attorney general of New York. His bid to represent the crypto industry’s interests runs against a strong Democratic bias and concerns over industry influence in policymaking. Khurram Dara, who also worked as a regulatory and policy principal at Bain Capital Crypto, announced his campaign on Nov. 21. In a video accompanying his post on X, Dara said he wants to stop the supposed “lawfare” that current Attorney General (AG) Letitia James is waging against the crypto industry. Dara said that the reportedly unfair treatment of the industry drives up costs for New Yorkers. New York City Mayor-elect Zohran Mamdani recently won his election with a focus on cost-of-living issues. Read more