Bakkt will also have a money transmitter license in the state of New York.
BitLicense is a business license for using cryptocurrencies with a lengthy list of terms and conditions. It was issued on the 8th of August, 2015, by the New York State Department of Financial Services (NYSDFS). In general, it defines the major rules on businesses operating with digital currencies, such as virtual currencies’ control, administration, maintenance, storing, holding, issuing, exchange operations, related-software development, etc.
The license is relevant for entities, while retailers and individuals are allowed to make transactions without the use of the license. On the one hand, the business community met the license positively because it provides a legal framework and protection without a need for proving legitimacy of their work to customers. On the other hand, those rules increase both time and costs, which already are in deficit.
Andrew Yang has plans for New York City that cryptocurrency users anywhere would find appealing.15986
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.3974
With a new Senate bill on the table, New Jersey is getting closer to introducing a state-level licensing framework for crypto firms.12239
For now, PayPal's crypto payments are more about satisfying regulators than providing users with crypto capabilities.11855
Gemini looks at regulation as a good thing, with the recently suggested conditional BitLicense as a move in the right direction.25357
The New York Department of Financial Services is requesting comments on its amendment to the BitLicense that would help smaller companies be regulated.2783
Congressional candidate Jonathan Herzog believes that the U.S. government needs to embrace crypto and blockchain not to fall behind other nations.4648
New York regulator that issues BitLicences adds a Silk Road investigator to its legal counsel.4469
Tokyo-based cryptocurrency exchange bitFlyer launched its commission-free campaign for BTC/USD trading pair to its U.S. customers.9950
New York Governor Andrew Cuomo wants crypto businesses to pay for NYDFS’ oversight to “make progress happen.”2889
The New York Department of Financial Services plans to review its crypto listing framework by late January 2020.2544
California-based financial firm SoFi has acquired a BitLicense from the New York State Department of Financial Services.3321
Crypto custody solutions are on the rise, and Coinbase appears to be taking over the market — who else is chasing the number one spot?8904
The head of Circle’s over-the-counter trading desk has resigned and an in-house trader will reportedly fill his vacancy.3754