The latest beneficiaries of New York’s sixth ‘BitLicense’ is bitcoin wallet and vault Xapo, the strictest state law governing the crypto from the country’s financial regulator.
The Sixth BitLicense grants Xapo
According to a declaration, the manager of New York Department of Financial Services (NYDFS), Maria T. Vullo said,
“Today’s actions represent New York’s continued commitment to creating a thriving, global fintech marketplace. Through strong and thoughtful regulatory oversight by DFS, consumers and the virtual currency market alike will continue to benefit”.
In that sense, the country’s regulator has granted its sixth Bitlicense to operate after approving the first Bitlicense in September 2015 to Circle.
Ted Rogers, Xapo President said;
“We are very pleased with the approval of Xapo’s BitLicense application. It is the end result of much hard work, not just by Xapo personnel but by all the DFS and its staff”.
Accordingly, a bitcoin wallet Xapo will be official to offer its digital wallet and offline vault service to the New York users. The Xapo is initially headquartered in San-Francisco, California which has now moved its base of operations to Zug known as ‘Crypto Valley’.
Moreover, the NYDFS has conducted an exclusive review of Xapo’s application. It includes firm’s anti-fraud, money laundering, consumer protection, capitalization and cybersecurity measures. Therefore, the new license is still subjected to “ongoing supervision by Department of Financial Service”.
Former Approval by NFDFS
Formerly, itBit cryptocurrency exchange has also had an approval from the country’s DFS. Earlier, it was also known as Paxos that to add cryptocurrencies like Stellar Lumens, Bitcoin Cash, Litecoin, and Ether. However, to its trading and other services.
itBit CEO, Chad Cascarilla said;
“This is an important milestone for itBit as we create a broader platform for crypto asset investors. We are committed to the growth and evolution of this ecosystem. Thus, DFS approval allows us to offer more trading and custody services across a wider range of crypto assets”.
Further, DFS has approved 8 companies for cryptocurrencies licenses including Gemini Trust Company, Genesis Global Trading Inc., Coinbase Inc., bitFlyer USA and much more.