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The New York Department of Financial Services (NYDFS) has announced two new recipients of virtual currency licenses.
Cryptocurrency firms Robinhood and LibertyX are the latest to be awarded New York’s coveted BitLicense. The NYDFS said that it has also approved a money transmission license for Robinhood.
Financial Services Superintendent Maria T. Vullo said the latest approvals “add to the growing list of responsible virtual currency providers who recognize and appreciate how a comprehensive regulatory framework fosters a competitive marketplace that benefits both consumers and industry.”
Robinhood Crypto has been authorized to offer services for buying, selling, and storing seven virtual currencies, including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Its parent company, Robinhood, allows U.S. based retail/individual customers to trade stocks and options on a commission-free basis through Robinhood Financial.
In an online post dated January 24, Robinhood said:
“With Robinhood Crypto, you can invest in seven cryptocurrencies including Bitcoin and Ethereum, commission-free. Robinhood Crypto is already available in over thirty states and will roll out in New York over the coming months.”
LibertyX, on the other hand, will provide consumers the sale of Bitcoin through debit terminals in New York. It is first BitLicense holder that will allow customers to use debit cards to purchase Bitcoin from traditional ATMs.
“After an extensive review process, we are delighted to receive the blessing of the NYDFS (BitLicense) and offer the first debit card Bitcoin purchasing options to New York State residents,” Co-Founder & CEO of LibertyX Chris Yim said.
DFS has approved sixteen charters or licenses for companies in the cryptocurrency space so far. Earlier this month, reports suggested that New York State Governor Andrew Cuomo signed a bill that would now see the state forming a cryptocurrency task force.
According to the bill, the task force will “provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems in the state.”
