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Crypto dealer SFOX gets trust charter approval from Wyoming regulators

Crypto dealer SFOX gets trust charter approval from Wyoming regulators

In a statement, SFOX co-founder Akbar Thobhani stated that the new charter will allow the company to offer “safe, trustworthy, and efficient investing, trading, and custodial services for a broad spectrum of digital assets.”

According to the State of Wyoming, crypto broker SFOX of California has been granted a trusted charter, which will enable the company to offer custodial and other crypto-related services to institutional customers in the state.

According to a press release issued on Tuesday, the Wyoming trust charter will enable SFOX to do business in the state as the SAFE Trust Company, which will provide services to institutional customers, individual clients, and financial advisors. SAFE will “act in a range of fiduciary responsibilities,” according to the corporation, including direct trustee, discretionary trustee, trust adviser, and protector.

Founder and CEO of SAFE, Akbar Thobhani, said, “The new charter will enable us to provide secure, reliable, and efficient investment, trading, and custodian services for a wide range of digital assets.” “The new charter will enable us to meet the needs of investors, particularly small-to-mid-sized businesses, which have previously had limited access to these investments,” he added. In the words of the company, “our objective is to increase access to a wide variety of digital assets in a manner that is both safe and efficient.”

According to the trust charter, SFOX will provide services to clients looking for investment opportunities in cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Solana (SOL), Avalanche (AVAX), and other tokens, as well as custody of the digital assets by Wyoming’s regulatory framework. South African Financial Services Authority (SAFE) stated it intended to seek authorization from the state’s banking authority “to operate as an independent, regulated, qualified custodian of digital assets.”

Ever since the state granted a bank license to cryptocurrency exchange Kraken in September 2020, Wyoming has consistently been at the forefront of a state-focused approach to digital asset regulation. Since then, the state has elected its own crypto-friendly United States Senator, Cynthia Lummis. It has also seen its legislators introduce legislation recognizing decentralized autonomous organizations (DAOs) as distinct limited liability companies and proposing that the state treasurer be given the authority to issue a stable coin due to that decision.

SFOX was founded in 2014 and is funded by several organizations, including the Digital Currency Group, Blockchain Capital, Y Combinator, and Airbnb co-founder Nathan Blecharczy. A report published earlier this month by Bloomberg said that a group of engineers and traders at the company we’re working on expanding access to a BTC derivative product by using non-deliverable forward contracts.

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