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Fidelity Digital Assets gets approval to offer crypto custodial services in Empire state

Wed, 20 Nov 2019, 04:21 am UTC

Fidelity’s crypto arm Fidelity Digital Asset Services (FDAS) has been granted a trust company charter by the New York Department of Financial Services (NYDFS).

In October 2018, Fidelity announced “Fidelity Digital Assets,” a new company that will offer enterprise-quality custody and trade execution services for cryptocurrencies to sophisticated institutional investors. Reports floated in the media in July that the company had applied for a trust license from the NYDFS.

In a press release dated Nov. 19, Superintendent of Financial Services Linda A. Lacewell said that FDAS is now authorized to provide a crypto custody and execution platform, on which institutional investors and individuals can securely store, purchase, sell, and transfer Bitcoin.

NYDFS said that it has so far approved 23 companies, including FDAS, for a charter or license to engage in virtual currency business activities.

“The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets,” said Michael O’Reilly, Chief Operating Officer for Fidelity Digital Assets.

“The designation as a New York Trust Company under the supervision and examination of the DFS builds on the credibility and trust we’re establishing amongst institutions and other market participants. We will continue to play a leading role in supporting the maturation of the entire ecosystem as we expand our business and the clients we serve.”

NYDFS started issuing licenses to cryptocurrency businesses with the promulgation of its BitLicense regulation in 2015. Last month, Superintendent Lacewell said that the agency was reviewing the virtual currency license, CoinDesk reported.

“This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do],” she said.

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