New York State issues its 19th BitLicense

Posted 10 April, 2019

The New York State has opened the regulatory doors for one more cryptocurrency company this week. The state financial authority has issued it 19th BitLicense to one of the oldest and largest cryptocurrency trading platforms in Europe.

The representative of the New York Department of Financial Services,  Superintendent Linda A. Lacewell announced on April 9 that the regulator made a positive determination on the crypto license application filed by Bitstamp exchange.

"We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace...A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy," commented Acting Superintendent Lacewell in the press release.

With BitLicense the exchange will become able to offer trading of bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP. Besides, the company has also got right to provide local users with money transfers via the Ripple Network by issuing Ripple Balances in a number of fiats, including USD, AUD, GBP, EUR, CHF and JPY, as well as other cryptocurrencies, as it was highlighted by the regulator.

It should be mentioned that the exchange has already entered the US market but stayed mostly passive. However, the company's CEO expressed intentions to expand its positions in the USA following a green light from the New York state authority.

"We appreciate New York’s solid regulatory framework – the nation’s first – to protect consumers using cryptocurrencies and look forward to expanding our growing business in the state," said Nejc Kodric, CEO of Bitstamp.

For reference, Bitstamp was among the first crypto companies that decided to file an application for BitLicense back in June 2015 just after the State adopted corresponding rules.

However, NYDFS initially was reluctant to grant licenses, but later it revised its stance towards this segment. As a result, there are 19 companies that were awarded the right to run business in this jurisdiction.

As it was reported earlier, the regulator granted its 18th BitLicense to crypto brokerage company Tagomi in late March.

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