MoonPay Receives VASP Approval in Jersey
MoonPay has recently obtained approval as a Virtual Asset Service Provider (VASP) in Jersey, marking a significant milestone in its efforts to broaden its regulated activities globally. This development, sanctioned by the Jersey Financial Services Commission (JFSC), empowers MoonPay to provide cryptocurrency service offerings such as on-ramps, off-ramps, and swapping directly from this Channel Island.
Jersey: A Growing Hub for Digital Assets
Covering an area of 45 square miles, Jersey is the largest of the Channel Islands, with a community of approximately 107,000 residents. This registration adds Jersey to MoonPay’s expanding roster of regions where it is permitted to operate, which already includes nations like the UK, Australia, Canada, Italy, Ireland, and the Netherlands under the Markets in Crypto-Assets (MiCA) framework, alongside several U.S. states.
Commitment to Regulatory Compliance
Ivan Soto-Wright, the CEO of MoonPay, highlighted the company’s dedication to regulatory compliance as it seeks to enhance access to cryptocurrency for users around the world.
“We look forward to ongoing partnerships with regulatory authorities to extend our crypto offerings to a wider audience globally,”
he remarked.
Proactive Regulation in Jersey
The JFSC is noted for its proactive regulatory stance, having greenlit the world’s inaugural regulated Bitcoin investment fund back in 2014. Its regulatory framework is designed to provide clarity for companies in the digital asset sector. Registration as a VASP signifies that a company meets essential anti-money laundering standards and customer protection protocols, which are crucial for operating in a compliant jurisdiction.
Strengthening Global Operations
By establishing its presence in Jersey, MoonPay is poised to better serve its clientele across Europe and the international market within a regulated environment. Earlier this year, the company enhanced its infrastructure by acquiring Helio, a payment processor on the Solana blockchain, for about $175 million. This strategic move, considering Helio’s impressive track record of over $1.5 billion in processed transactions within three years, allows MoonPay to leverage Helio’s advanced technology to strengthen its decentralized finance (DeFi) services.
