Standard Custody Wins Crypto Custody License From NYDFS

CORRECTION (May 4, 2021, 14:10 UTC): The charter was granted to Standard Custody, not Standard Chartered.

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.