The New York State Department of Financial Services (DFS) has just issued its 14th BitLicense to NYDIG Execution, a subsidiary of the New York Digital Investment Group LLC (NYDIG).
DFS Grants Virtual Currency and Money Transmitter License to NYDIG Execution, LLC https://t.co/arn1NECzlD
— NYDFS (@NYDFS) November 14, 2018
According to the press release, the DFS has given NYDIG Execution regulatory permission to operate a cryptocurrency-related business and to conduct money transmissions. Additionally, NYDIG Execution can now conduct crypto custodial and trade execution services for digital currencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) and XRP.
“NYDIG is pleased to receive these regulatory approvals and we look forward to providing secure and transparent liquidity, custodial and asset management services to the institutional market,” said Robert Gutmann, the CEO of New York Digital Investment Group. “We want to express our gratitude to the NYDFS for providing a clear and comprehensive regulatory framework for investors, providers and users alike to engage with the burgeoning digital asset ecosystem.”
This latest BitLicense issuance comes several weeks after San Francisco-based Coinbase obtained a license under New York state banking law for its digital asset custody business, Coinbase Custody, a major step for the company’s US-based operations.
More: DFS Grants Virtual Currency and Money Transmitter License to NYDIG Execution
Similar: Coinbase Custody Gains New York Regulatory Approval for XRP, BTC, BCH, ETH, ETC and LTC
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.