Coinbase and Ripple Labs Inc. are close to receiving bitcoin licenses to offer their virtual currency services in New York State, according to Reuters . Both companies have provided applications to the state’s Department of Financial Services (NYSDFS), according to a notice on the department’s website.
The notices usually post following completion of the paperwork, according to sources who wished to remain unnamed.
The precise times of the license approvals are uncertain. Both companies are based in San Francisco, Calif. BitLicense A Pioneer Reg
New York last year issued the most extensive regulations for operating a virtual currency company. The regulations, which require obtaining a license called a BitLicense to operate a virtual currency business, are designed to protect consumers and prevent money laundering. The law prohibits the sale of bitcoin without a license.
The licenses will support the growth of digital currency in New York State.
A Ripple spokesperson said the company plans to comply with all state and federal laws.
Coinbase did not wish to comment on the status of its application. CCN reported Coinbase submitted a BitLicense application in August. Coinbase And Ripple: Big Players
Coinbase is one of the largest U.S.-based bitcoin companies. Backers include venture capital firms Ribbit Capital and Andreessen Horowitz, as well as USAA, a financial services provider. The company markets services to merchants and consumers.Ripple filed for its BitLicense under the corporate name XRP II LLC. The company’s backers also include Andreessen Horowitz, in addition to IDG Capital Partners and Google Ventures. Ripple’s service and currency, called XRP, serves companies and financial institutions that provide liquidity to foreign exchanges. Circle Internet Financial Ltd ., a Boston, Mass.-based startup backed by Goldman Sachs Group, became the first company to receive a BitLicense in September, CCN reported. New York Approves Gemini On Thursday, the NYSDFS approved the […]
