Bitcoin exchange-traded fund (ETF) issuer WisdomTree has secured regulatory approval from the New York State Department of Financial Services (DFS) to operate its digital asset business in the state.
According to a March 22 statement, the asset management firm received a charter to operate as a limited-purpose trust company under the New York Banking Law. This charter enables the company to debut its WisdomTree Prime platform in the state.
Under the charter, WisdomTree can conduct fiduciary custody of digital assets, including offering digital wallet services, trading stablecoins, and managing stablecoin reserves, subject to DFS approval.
Jonathan Steinberg, the Founder and CEO of WisdomTree, emphasized that the license empowers the firm to provide innovative products while prioritizing customer protection. He added:
“The New York State Department of Financial Services is the premier regulator for businesses that engage in digital asset activity. This well-established trust company c
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