The New York State Department of Financial Services (NYDFS) — also known as the DFS and NYSDFS — is a department of the New York State government that regulates financial services and products in such fields as insurance, banking and financial services. The NYDFS’s BitLicense is a business license for virtual currency activities, which is required for operating in New York. For the effective usage of an NYDFS’s Bitcoin license, New York state has come up with a definition of virtual currency (VC) business activity that covers five main points, such as transmission of VC, maintaining custody of VC on behalf of others, buying and selling VC as a customer business, performing exchange services and issuing, controlling and administering VC. There are currently nine NYDFS BitLicensed companies, some of them being Ripple, Coinbase and Square, Inc. Implementation of BitLicense by the NYDFS has forced many startups to stop working in New York.
Adrienne Harris said she aims "to ensure we have a robust and fair financial system, and an equitable economy" in her role at the NYDFS.
New NY governor taps former Obama official to head state's financial regulator
Goldman Sachs-backed crypto custodian BitGo has acquired a New York Trust license to operate as an independent custodian in the state.
BitGo receives trust license from New York regulators
Emerging analytics technology is the name of the game for the next stage in crypto regulation.
NYDFS hosts crypto industry competition to get real-time data on Bitlicensees
Japanese firm GMO will now be able to offer Yen- and dollar-pegged stablecoins to the public in New York.
New York authorizes first Yen stablecoin operator in the US
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 bot...
Paxos seeks approval to become fully-regulated crypto bank
These week's news highlighted how governments test new regimes for cryptocurrency, which can be slow but are certainly some kind of progress.
Law Decoded: Government sandboxes, test beds and crypto compromises, Oct. 16-23
For now, PayPal's crypto payments are more about satisfying regulators than providing users with crypto capabilities.
Regulation will keep PayPal's new crypto services from looking anything like crypto