New York regulator proposed new rules for obtaining crypto licenses

Cryptocurrency licenses will become more accessible to residents of the state of New York. The Department of Financial Services has published new licensing rules, the adoption of which will simplify the work with digital assets.

Until August 10, the regulator plans to receive public feedback and hopes for a positive outcome, which will ultimately facilitate the process of obtaining permits in contrast to the BitLicense adopted in 2015. However, according to representatives of companies working with virtual currencies, to become the owner of BitLicense in New York you need to wait a long time. “It seems to us that after some time, legal entities will seek to receive full BitLicense,” the authors of the initiative note.

We add that at the moment only 25 companies are licensed (including Tagomi, Circle and Robinhood).