Fidelity has applied for a trust license for its cryptocurrency platform FDAS

Fidelity’s cryptocurrency division – Fidelity Digital Assets Services (FDAS) has applied for a license to work as a trust in New York State.

FDAS has applied for a trust license with the Financial Services Department of New York (NYDFS), reports
The Block with reference to several unnamed sources familiar with this issue. If the application is approved, FDAS will be officially allowed to offer its cryptocurrency custodial services in the state of New York, acting as a limited liability trust company, the report says.

In a statement, lawyer Arthur Long said that the trust license gives more authority than the much more limited BitLicense, which allows its owner to provide more financial services, including financial advice. Fidelity has not yet made official statements regarding the application.

For the first time, plans to launch a service for storing cryptocurrency FDAS became known
at the beginning of this year, and in February it was reported that Fidelity Investments is finishing
cryptocurrency platform testing. In March, the head of FDAS announced that before adding cryptocurrency to the platform, they would be carefully selected, and in the same month Fidelity announced
about the test launch platform.