The New York State issued a permit to work with SoFi cryptocurrencies

Colin Baseman

SoFi, a California-based company, launched a platform for trading cryptographic currencies in September. The New York State Department of Financial Services issued a BitLicense to it, which gives the company the official right to serve residents of the state of new York. SoFi provides investment services in ETFs and securities. The key focus of the company is refinancing student loans.

LibertyX and Robinhood have issued BitLicense

Bitcoin ATM operator LibertyX and financial technology company Robinhood were able to obtain NYDFS license to perform operations with cryptographic currencies. The latter was additionally granted the right to make money transfers.

Thanks to the permission, the Robinhood Crypto trading platform has the right to cooperate with New York residents.

Bitstamp crypto exchange issued BitLicense

Bitstamp trading platform is the oldest and largest crypto exchange in Europe. It was able to issue a permit to provide services related to crypto assets in the territory of the state of new York. The platform submitted its application in 2015, immediately after the adoption of the corresponding law. It became one of the first organizations that have taken this step.

In its press release, the Department of Financial Services noted that the crypto exchange is authorized to issue balances in us dollars and digital money, and it has the right to transfer liquidity to the Ripple network. Recall, more recently, Ripple has bought shares of MoneyGram for $ 20 million.

Bitstamp CEO Neich Kodrich commented on the discussion with NYDFS on the details of the trading platform's functioning, "There were questions about the mechanism for matching applications, organizing checks and storing cryptographic currency. The permit issued is a set of procedures and rules that must be followed every day."

Bitstamp previously served clients in the United States, but its position in This segment was quite passive. Mr. Cedric announced that the obtaining BitLicense will allow the company to expand its own scheme of influence on this market.

Bitstamp issued a work permit in Luxembourg and other EU countries in 2016. It is owned by the company NXMH.

BitPay processing service issued BitLicense

Well-known bitcoin processing BitPay announced the license to work with virtual currencies in the state of new York. NYDFS investigated the company's application in detail, including customer identification, anti-money laundering, cybersecurity, and anti-fraud measures. The financial position of the processing service has been thoroughly analyzed.

BitPay Chief Executive Stephen Payre said: "The policy of the state of New York in relation to businesses that are associated with cryptocurrencies is very strict. Therefore, getting BitLicense is a very important step for us. We have no doubt that the work done will pay off many times. Thank you to the state of New York, which opens up great opportunities for our business."

After obtaining a license, BitPay can provide services to companies and consumers in new York. A processing service for accepting payments in Bitcoin and Bitcoin Cash has become available to legal entities. Citizens will be able to use cryptocurrencies to pay for various goods and services.

The state's gubernatorial candidate said he would fight to repeal BitLicense. The license has faced a lot of criticism from the cryptocurrency community.

Larry Sharp said he is ready to fight against BitLicense if he becomes Governor of the state

Representatives of the cryptocurrency community intended to cancel regulations from the very beginning of its introduction. But it is not easy to achieve your goal. The cryptocurrency industry will be supported by New York gubernatorial candidate Larry Sharp.

The license for conducting operations with cryptocurrencies was introduced in the summer of 2015. It applies exclusively to residents of the state, which has received the status of the unofficial financial capital of the world. Therefore, regulators in the United States and other countries often look to New York as an example to follow.

The BitLicense provisions cover almost all likely transactions with cryptographic currencies, including their transfer, storage, trading, and exchange. As a result, this activity was placed in a very strict framework of American law.

Startups and small companies have particular difficulties in meeting all BitLicense requirements. As a result, they simply do not operate in New York. The number of companies that could not start their business due to the abundance of obstacles, no one can determine exactly. If we talk about those who were able to issue BitLicense, their number is relatively small. These large companies include Circle, Coinbase, and Ripple.

Larry sharp, who is a candidate for Governor of New York state, is known for his support of cryptographic currencies. He stated, "I'm not a supporter of the policy of squeezing bitcoin out of New York, I prefer openness to it."

Startup Cities reported, "Larry sharp is going to be Governor. With his vast experience as a businessman, military man, and educator, he intends to bring innovation to the state. This is the most progressive policy in the field of supporting cryptographic currencies."

The New York state financial services authority is actively issuing BitLicense. However, the complexity of the operation and high requirements become obstacles to the availability of a license to a wide range of companies whose activities are related to cryptocurrencies. In any case, digital money in the state of New York can be actively used to buy goods and services. This will probably lead to an increase in the value of bitcoin. Why not buy this cryptocurrency and try to make money by increasing its rate?