The New York State Department of Financial Services (DFS) announced a positive determination on the BitLicense application by a crypto broker, which will become the 18th company to get the green light for business operations in the New Year state.
The official Twitter account reads:
"DFS Advances New York’s Thriving Virtual Currency Market, Grants Virtual Currency and Money Transmitter Licenses to Tagomi Trading, LLC ."
According to the press release unveiled this Wednesday, the subsidiary of Tagomi Holding, Tagomi Tading LLC will actually become the first company offering cryptocurrency brokerage services that were awarded with the license in the state. Along with this, Tagomi also got permission for money transmitting.
The company's business operations are based on the "agency-only" model offering consulting regarding the realization of customers' investment and trade strategies. Besides, Tagomi also selects the most profitable deals for its clients checking orders by other brokers.
"DFS is committed to fostering innovation and strengthening the competitiveness of New York’s burgeoning virtual currency sector," said Acting Superintendent Lacewell.
She also added that this move is believed to give local users a wider range of opportunities as well as better protection in the global crypto market.
Meanwhile, Tagomi's management is excited to get the legal right for business in the New York state and deeply appreciate "the DFS's thorough review and careful approach to virtual currency market participants to make for a more transparent and equitable virtual currency landscape.
Moreover, the company representative noted that their team intends to keep cooperating with the New York authority further targeting expansion of their offerings as well as strengthening positions in the state. Tagomi highlighted that they focus on the transparency of the services.
As DFS stated in the press release, the authority has already granted 18 licenses to crypto companies. It keeps taking measures to promote innovations in the financial segment via licensing different representatives of the market including " technology-based money transmitters under New York’s money transmitter law; online lenders under New York’s banking law; and virtual currency exchanges under New York’s financial services law."
For reference, NYDFS granted BitLicense to bitcoin ATM operator Cottonwood Vending LLC in early February.