In a significant development, spot Bitcoin exchange-traded fund (ETF) manager WisdomTree, has been granted a trust company charter by the New York State Department of Financial Services (NYDFS), marking another regulatory victory for the company following its ETF approval by the US Securities and Exchange Commission on January 10.
This regulatory win allows the company to operate as a limited-purpose trust company under the New York Banking Law, clearing the path for the asset manager to launch its highly anticipated crypto app in New York.
WisdomTree Receives NYDFS Trust Company Charter
The NYDFS trust company charter authorizes WisdomTree to provide fiduciary custody services for digital assets, including digital wallet services. The firm is also authorized to issue and exchange DFS-approved stablecoins and manage stablecoin reserves.
Jonathan Steinberg, the Founder and CEO of WisdomTree, expressed the significance of the NYDFS approval, stating:
The New York State
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