The cryptocurrency wallet and vault Xapo is one of the latest recipients of New York’s ‘BitLicense’ which is arguably the strictest state law that is governing the crypto sector from the state’s financial regulator.
The news comes from an announcement made on Thursday where the New York Department of Financial Services (NYDFS)’s Maria T. Vullo who is a superintendent, stated that the authority is currently expanding “New York’s continued commitment to creating a thriving, global fintech marketplace” by granting a BitLicense to the Switzerland-based bitcoin wallet and cold storage service Xapo that would make it the sixth licensed operator within the US.
After approving the first BitLicense to the industry startup Circle in September 2015 with the first BitLicense, the NYDFS is expanding.
Meanwhile, the president of Xapo, Ted Rogers, expressed his confidence and gratitude with a statement:
“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 all the DFS and its staff.”
The new license will make Xapo an authorized service offering its offline vault services to New York users. Even though the company was at first headquartered in San Francisco, California – it has since moved its base of operations to the Swiss town of Zug which is known as the ‘Crypto Valley’ citing favorable regulatory conditions in early 2017.
The NYDFS also said that Xapo underwent a ‘comprehensive review’ with the regulator while looking into the firm’s anti-money laundering, anti-fraud, capitalization, consumer protection as well as cybersecurity policies.
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On top of this, the regulator added that this new license is subject to “ongoing supervision by DFS”.
Along with this, the NYDFS also granted approval to the cryptocurrency exchange itBit (formerly Paxos) to add four major cryptocurrencies in its trading and custody services – Ether, Litecoin, Bitcoin Cash and Stellar Lumens.
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