Crypto dealer SFOX gets trust charter approval from Wyoming regulators
The State of Wyoming has approved California-based crypto broker SFOX for a trust charter, allowing the firm to provide custodial and other crypto-related services to institutional clients.
In a Tuesday announcement, SFOX said the Wyoming trust charter will allow the firm to operate in the state as the SAFE Trust Company, offering services to institutional clients, private clients, and advisers. According to the company, SAFE will “serve in a variety of fiduciary roles” including direct trustee, discretionary trustee, trust advisor, and protector.
“The new charter will enable us to provide secure, reliable and efficient investment, trading, and custodian services for a wide range of digital assets, meeting the needs of investors, particularly small-to-mid-sized firms, which until now have had limited access to these investments,” said SAFE CEO and SFOX co-founder Akbar Thobhani. “Our mission is to provide greater access to a broad range of digital assets in a fashion that is both secure and efficient.”
Excited to be the first crypto firm approved to serve as a Wyoming trust, and be part of the movement towards responsible crypto regulation spearheaded by @CynthiaMLummis and @WYLegislature Read more about our news here: https://t.co/H9j7eI7ERr
Under the trust charter, SFOX said it would offer services to clients seeking investment opportunities in Bitcoin (BTC), Ether (ETH), Solana (SOL), Avalanche (AVAX) and other tokens, custodying the digital assets in accordance with Wyoming’s regulatory framework. SAFE said it planned to get approval from the state’s banking regulator “to operate as an independent, regulated, qualified custodian of digital assets.”
Wyoming has often been at the forefront of a state-focused approach to
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