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November 28, 2017, 06:38:24 PM |
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ALBANY — State financial regulators delved into the virtual world Tuesday, granting a virtual currency license to Bitcoin dealer bitFlyer USA. The move by the Department of Financial Services allows bitFlyer USA — a wholly-owned subsidiary of Japan-based bitFlyer, Inc. — to offer online digital currency exchanges, trading platforms and custodial wallet services for the Bitcoin digital currency.
"As New York's financial services regulator, DFS's mission is to encourage innovation while protecting markets and consumers," said Financial Services Superintendent Maria T. Vullo. "As the virtual currency market expands, New York will continue to support technological innovation while enforcing strong state-based regulation.".
Before granting the license, state officials reviewed the company's anti-money laundering, capitalization, consumer protection, and cyber security policies. BitFlyer is the sixth firm to receive a virtual currency license or charter from the state.
Licenses have previously been given to Coinbase Inc., XRP II and Circle Internet Financial, and charters to Gemini Trust Company and itBit Trust Company.
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