Coinsource got a green light for the launch of virtual currency services from the New York State Department of Financial Services.
“Today’s approval is a further step in implementing strong regulatory safeguards and effective risk-based controls while encouraging the responsible growth of financial innovation,” as noted Financial Services, Superintendent Maria T. Vullo.
It was also stated that this decision comes as a part of the DFS strategy to maintain a high level of services among crypto industry players in the New York state.
“New York’s financial services marketplace is thriving with companies committed to complying with DFS’s regulations that ensure the security of transactions, safeguard the industry and protect consumers,” she added.
In general, the New York authority approved 12 companies that deal with virtual currencies, though every application is subject to strict requirements.
The Department of Financial Servies in New York welcomes providers of financial services based on modern technologies granting certification in line with the state rules. At the same time, DFS will monitor the activities of the company regarding risk management, AML and fraud prevention.
"New York represents not just a centre of global innovation but also one of our largest target markets. We are extremely proud to be the only BTM operator holding a New York virtual currency license," commented Coinsource CEO Sheffield Clark.
For reference, the company operates 40 bitcoin terminals in New York. Some market players found the requirements of the authority too stiff and decided to leave this state.