The New York State Department of Financial Services has granted a BitLicense to NYDIG Execution, according to an official DFS announcement published Nov. 14.NYDIG Execution, a subsidiary of the New York Digital Investment Group LLC, is now legally authorized to operate cryptocurrency-related business and to conduct money transmissions.
Through the recent license, the firm is permitted to offer crypto custodial and trade execution services in the jurisdiction of New York state.
NYDIG will be allowed to operate as a crypto custodian for five cryptocurrencies; Bitcoin, Bitcoin Cash, Ethereum, XRP, and Litecoin.
According to the statement, NYDIG is authorized to run self-custody contracting with third parties for custodial services, as well as to carry out contracting with NYDIG Execution or its other subsidiary NYDIG Trust, which was granted limited trust status within the same announcement.
First issued in August, 2015, BitLicense is a business license that entitles the holder to use cryptocurrencies and obliges them to comply with a number of rules covering cryptocurrencies' control, administration, maintenance, storing, and issuance.
While the license provides businesses with a defined regulatory framework for cryptocurrencies in New York, many industry entrants have reportedly criticized its regulatory requirements.
The introduction of the BitLicense initially drove some companies to leave the state.
In March, crypto payments and investment firm Circle received a BitLicense, effectively expanding its business to 46 states.
In May, Genesis Global Trading became the first New York-based company, and the fifth company overall, to receive a BitLicense.
Genesis was followed by financial services provider Square, which expanded Bitcoin trading in its Cash App to New York users in June.
New York Digital Investment Group Subsidiary Acquires New York BitLicense
pubblicato su Nov 15, 2018
by Cointele | pubblicato su Coinage
Coinage
Menzionato in questo articolo
Notizie recenti
Vedi tutti
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.