On November 14, the New York State Department of Financial Services (DFS) granted one more cryptocurrency license. This time the authority approved an application filed by New York Digital Investment Group (NYDIG).
As DFS stated in the press release, the crypto license (known as BitLicense) was given to NYDIG Execution LLC, a subsidiary of NYDIG LLC, allowing it to offer liquidity and asset management to the clients from New York.
Moreover, the authority has also authorised the company to operate as a "limited purpose trust company". With the license, NYDIG became able to provide custody and trading services. The company will deal with Bitcoin, Bitcoin Cash, Ethereum, XRP and Litecoin.
Although the leading market players criticise this measures, BitLicense is still the required procedure for the companies that want to do crypto business in this state.
“Today’s approval further demonstrates that operating within New York’s robust state regulatory system leads to a stronger fintech marketplace and promotes innovation and necessary compliance with effective risk-based controls,” noted in the press release Financial Services Superintendent Maria Vullo.
It was reported earlier that such crypto license was issued to Coinsource, a bitcoin-terminal operator in early November. By now, DFS has granted 14 licenses to the different companies that strived to run business in the crypto sector.