BitLicense News

Gate US said it obtained licenses to operate in “several” U.S. states along with a money service business license from FinCEN leading up to its local launch.

The state, a notoriously demanding regulator of the industry, has released detailed guidelines for banks’ crypto activities — and some licensed banks may have to play catchup.

Though some crypto firms operate in New York with a BitLicense, many including NYC Mayor Eric Adams have criticized the licensing regime as a difficult barrier to cross.

Crypto exchanges Coinbase and BitGo have previously received trust charters from New York's financial regulator, allowing the firms to offer crypto custody services.

“We have to continue to be competitive,” the mayor said in a keynote interview at a London crypto conference, where he suggested scrapping the states’ BitLicensing requirement.

The fees will bring digital currency companies on par with those paid by banking and insurance institutions as a way for the state to recoup operating expense costs and “best support” the industry.

Billionaire Bill Ackman has called upon the city authorities to ensure that more innovators don’t migrate because of the regulatory hurdles.

Bakkt will also have a money transmitter license in the state of New York.

Andrew Yang has plans for New York City that cryptocurrency users anywhere would find appealing.

The stablecoin issuer and PayPal partner wants to increase its range and scope of services by becoming the first crypto services provider to be regulated at both state and federal levels.

With a new Senate bill on the table, New Jersey is getting closer to introducing a state-level licensing framework for crypto firms.

For now, PayPal's crypto payments are more about satisfying regulators than providing users with crypto capabilities.

Gemini looks at regulation as a good thing, with the recently suggested conditional BitLicense as a move in the right direction.

The New York Department of Financial Services is requesting comments on its amendment to the BitLicense that would help smaller companies be regulated.

Congressional candidate Jonathan Herzog believes that the U.S. government needs to embrace crypto and blockchain not to fall behind other nations.