New York Financial Regulator Grants Virtual Currency License To Xapo
- The New York Department of Financial Services granted its virtual currency license called “BitLicense” to digital financial services provider Xapo Inc. to offer their bitcoin wallet and cold storage vault services.
- Additionally, the NYDFS also granted a BitLicense to crypto-exchange itBit, which was a Bitcoin only exchange, to offer four more emerging cryptocurrencies, Ether (ETH), Litecoin (LTC), Stellar Lumens (XLM) and Bitcoin Cash (BCH). Read more…
Department of Financial Services Superintendent Maria T. Vullo said, “Today’s actions represent New York’s continued commitment to creating a thriving, global fintech marketplace. Through strong and thoughtful regulatory oversight by DFS, consumers and the virtual currency market alike will continue to benefit.”
DFS has conducted a comprehensive review of Xapo’s application, including the company’s anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies. The new licensee is subject to ongoing supervision by DFS. Xapo is a digital financial services companying offering Bitcoin products and services. Xapo will be authorized to offer a digital wallet and a vault service, which is intended as a safe and insured method to store Bitcoins.
Xapo President Ted Rogers said, “”We are very pleased with the approval of Xapo’s BitLicense application. It is the end result of much hard work, not just by Xapo personnel but by the DFS and its staff.”