According to the report, Fidelity Digital Asset Services has applied for a trust license to the New York Financial Services Authority.

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Fidelity Digital Asset Services (FDAS), a cryptographic business of Fidelity, has reportedly applied for a license to operate in New York State as a trust.

The Block, the media in the field of encryption, quoted several people familiar with the matter on July 20th as saying that the FDAS has applied for a trust license from the New York Financial Services Authority (NYDFS).

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The report states that if the license is approved, FDAS will be formally approved to provide encrypted asset custody services in the form of a limited-purpose trust company in the State of New York.

In this report, attorney Arthur Long pointed out that trust licenses are more widely used than NYDFS's typical encryption license, BitLicense, which allows its holders to operate a wider variety of financial services, such as financial advisory.

As of press time, Fidelity has not confirmed this news to Wall Street.

In April of this year, FDAS hired Christine Sandler, a former executive of Coinbase, a major US exchange and wallet service company, as head of sales and marketing.

Sandler joined the company and is responsible for the institutional customer service business. In mid-May, Cointelegraph reported that the FDAS is working to expand its blockchain engineering team.

Recently, according to Reuters, social media giant Facebook applied to the New York Financial Services Authority (NYDFS) for a cryptocurrency license to issue its stable currency Libra in New York.

Currency search: Bitcoin search engine www.btcsearch.com

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