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Standard Custody Wins Crypto Custody License From NYDFS
Standard Custody can provide crypto custody services in New York with a new trust charter through the New York Department of Financial Services (NYDFS).
CORRECTION (May 4, 2021, 14:10 UTC): The charter was granted to Standard Custody, not Standard Chartered.
STORY CONTINUES BELOW
The New York Department of Financial Services (NYDFS) has granted Standard Custody a trust charter, allowing it to provide custody services for digital assets in New York.
NYDFS announced the charter Tuesday, allowing the custody provider to provide cryptocurrency custody services. Standard Custody is the 30th such entity to receive approval through the financial regulator, known for having the most advanced crypto regulatory framework in the U.S.
“Our N.Y. charter will enable us to help institutional clients take full advantage of the digital assets ecosystem in a highly secure, compliant and innovative way,” Standard Custody CEO Jack McDonald said in a statement.
Crypto custody is often the gateway for Wall Street involvement in digital assets.
Standard Custody is a subsidiary of California-based PolySign, according to its Twitter biography. In turn, PolySign has been working to build up its crypto custodian aspect since at least 2018.
Nikhilesh De
Nikhilesh De is CoinDesk's managing editor for global policy and regulation, covering regulators, lawmakers and institutions. When he's not reporting on digital assets and policy, he can be found admiring Amtrak or building LEGO trains. He owns < $50 in BTC and < $20 in ETH. He was named the Association of Cryptocurrency Journalists and Researchers' Journalist of the Year in 2020.
