Sentences with phrase «trust charter»
A "trust charter" refers to a document that outlines the rules and principles by which a trust operates. It establishes the guidelines for how the trust's assets are managed and distributed to beneficiaries. Think of it as a rulebook that ensures the trust is handled responsibly and according to the intentions of the person who established it. Full definition
Many stakeholders simply do not trust charter schools to welcome and support students who learn differently and can be challenging and expensive to educate.
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ItBit Trust Co., a New York start - up that allows investors to trade dollars for bitcoins, started operating Thursday under a banking trust charter that it says allows it to function legally in all 50 states.
To service institutional banking clients, the BitLicense, they say, isn't sufficient — hence their play for a trust charter.
Gemini enters a market that already has some some established competitors, including Coinbase, which is not licensed in New York, and ItBit, which obtained a trust charter from the NYDFS in May, beating Gemini to the punch.
This is because the rigorous standards of a trust charter are actually much more extensive than the BitLicense.
The trust charter application process is far more rigorous than that for obtaining money transmitter licenses or the BitLicense.
Our trust charter allows us to serve as trustee in 40 states.
By requirement of our trust charter, the itBit Trust Company holds regulatory capital, meaning that we back our U.S. customers assets with capital held in escrow for safety and soundness purposes.
As a result of its trust charter, itBit emerged as one of the more well - regulated US Bitcoin exchanges.
Later in May, itBit was granted a trust charter by the New York Department of Financial Services (NYFDS) under New York State banking law, the first such charter granted to a digital currency company by the NYDFS.