MoonPay announced that it has received licenses enabling it to provide cryptocurrency services in all 50 US states.
MoonPay Licenses in New York
On June 4, MoonPay announced that the New York State Department of Financial Services granted the company a BitLicense and money transmitter license. As a result, MoonPay became one of 35 digital currency businesses allowed to operate in New York.
Regulatory Aspects of BitLicense
Under the BitLicense program, any digital asset business in New York must obtain this license. The program is currently under scrutiny from some politicians, including New York City Mayor Eric Adams, who called for an end to the program at the Bitcoin 2025 conference in Las Vegas.
New York as a Cryptocurrency Business Hub
New York and its largest city often attract the attention of cryptocurrency companies looking to enter the US market. Other companies with BitLicense, such as Anchorage Digital, Circle, and Coinbase, also operate in the state. However, the licensing program faces regulatory and legal challenges.
The acquisition of licenses in New York allows MoonPay to expand its cryptocurrency service capabilities, although the regulatory environment remains complex and dynamic.
