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Key Takeaways:
- MoonPay obtains Money Transmitter License in Wisconsin, increasing US footprint.
- The license enables Wisconsin residents to purchase crypto seamlessly with no additional MoonPay fees (network fees still apply).
- This move further reinforces MoonPay’s commitment to compliance and user trust.
Miami, USA — Cryptocurrency payments platform MoonPay has achieved a major win in its U.S. expansion strategy. The firm has announced that it has recently been granted a Money Transmitter License (MTL) from the Wisconsin Department of Financial Institutions. MoonPay’s suite of services is now accessible to residents of the state as a result of this green light, representing yet another extension in the platform’s reach across the nation. This milestone underscores MoonPay’s rapid expansion in the U.S. and its commitment to making crypto transactions more accessible to mainstream users.
MoonPay Wallet
What is the Wisconsin Money Transmitter License?
Companies wishing to conduct money transmission in Wisconsin must obtain a Wisconsin Money Transmitter License (MTL), a regulatory approval issued by the Wisconsin Department of Financial Institutions (DFI). This involves enabling electronic payments, digital asset transactions, and fiat-to-crypto exchanges in a manner that adheres to state financial regulations.
Securing an MTL in Wisconsin indicates a company complies with stringent consumer protection, anti-money laundering (AML) policies, cybersecurity, and financial stability requirements. Such a license would help crypto companies such as MoonPay build a bridge of confidence between themselves and users and regulators and will ultimately help enable seamless and compliant transacting of crypto within Wisconsin.
What the Wisconsin License Means for MoonPay and Its Users
Wisconsin MTL provides MoonPay authorization to legally offer money transmission services in the state, ensuring compliance with state regulations. Residents are now able to fund their MoonPay Balance and purchase items without paying any additional MoonPay fees (ecosystem/network fees will still apply). This regulatory milestone not only strengthens MoonPay’s credibility but also facilitates easier and more secure access to digital assets for Wisconsin residents. Beyond individual users, this regulatory approval also opens doors for businesses in Wisconsin to integrate crypto payments seamlessly, driving further adoption in the region.
Ivan Soto-Wright, Co-founder and CEO of MoonPay, emphasized the significance of regulatory compliance, declaring that Wisconsin MTL’s acquisition confirms MoonPay’s status as a fully-compliant, market-leading platform. This step also reflects their commitment to iron-clad compliance and user-centric innovation, proving their focus on charting a compliant path towards unlocking crypto for users around the world.
With an agricultural base and growing tech sector, Wisconsin has shown a progressive mindset when it comes to digital assets. Last year, it became the first state in the US to acquire Bitcoin, which signaled new interest in broadening cryptocurrency adoption. This will enable faster crypto payment services in the Wisconsin market, thanks to MoonPay’s entry into the state.
MoonPay now operates MTLs in 46 U.S. states, with Wisconsin as its latest addition. This reflects its commitment to regulatory compliance and legal operations across all states. Each new approval strengthens MoonPay’s position as a leader in regulated crypto transactions and sets a higher industry compliance standard.
Wisconsin, the U.S.
State licenses enhance security and market stability by enforcing anti-fraud measures, strict data privacy protections, and ongoing compliance reviews. These safeguards prevent fund manipulation and boost consumer confidence. Such approvals also encourage similar regulatory actions in other markets, promoting broader compliance. Additionally, local endorsements drive innovation, allowing firms to integrate digital payment technologies with traditional legal frameworks.
MoonPay’s Licensing Acquisition and Growth Strategy After The Wisconsin Approval
MoonPay’s growth isn’t just geographic — it is also a new service offering, gained through acquisitions.
In January, MoonPay bought Solana-based blockchain payment processor Helio for $175 million. Helio enables e-commerce, digital subscriptions, and other online goods payments in USDC, SOL, BTC, and ETH.
Commenting on these moves, Lidia Yadlos highlighted MoonPay’s acquisition of Iron, a stablecoin infrastructure platform. She said the acquisition enables a significant extension of MoonPay’s enterprise-grade offerings, enabling businesses to effortlessly accept stablecoin payments. MoonPay further obtained a MiCA license from the Dutch Authority for the Financial Markets. This Approval in Europe strengthens MoonPay’s strong compliance with European crypto legislation and allows it to scale its operations in the region.
MoonPay obtaining licenses and compliance will give the much needed trust so that adoption will grow in the digital assets space. It promotes a shift towards manageable risk within well-defined legal parameters and encourages sustainable development. When crypto platforms become serious about accountability, they open themselves to a wider audience of investors and users, catalyzing the overall growth of digital finance.
More News: Uniswap Integrates with Robinhood, MoonPay, and Transak: Facilitating the Fiat-to-Crypto Bridge
This article first appeared at CryptoNinjas
