Earlier today, PayPal confirmed that it would be adding crypto payments to its global platform over the coming months. The rollout will begin in the United States, where PayPal also became the first recipient of the New York Department of Financial Services', or NYDFS, conditional Bitlicense, a program that the regulator announced this past summer. The devil in the details While the news is huge for crypto, PayPal will be under intense scrutiny. The nature of the conditional Bitlicense is that conditional licensees have to pair off with firms that have full Bitlicenses (in this case, Paxos) that will act …
Cryptocurrency entities licensed under the New York’s Financial Services Law (FSL) should pay the costs of regulatory oversight, Governor Andrew Cuomo believes. The Democratic Governor purportedly wants the state authorities to amend the FSL in order to require virtual currency-related entities within the FSL jurisdiction to foot the bill for examination and oversight conducted by New York State Department of Financial Services (NYDFS). The NYDFS is one of primary regulatory agencies for crypto-related businesses in New York state as the regulator issues a major business license for cryptocurrencies, the BitLicense. As the home of the financial capital of the United …
The New York Department of Financial Services (NYDFS), the state’s financial regulator, has established a new department that will be responsible for licensing and regulating crypto-related businesses. In a statement on July 23, the NYDFS announced the formation of the Research and Innovation Division which will “house the Department’s division responsible for licensing and supervising virtual currencies, and it will assess new efforts to use technology to address financial exclusion.” The NYDFS requires that businesses involved in the issuance and trade of digital assets receive a special type of registration called a BitLicense. The process purports to assure that crypto-related …
Social media giant Facebook has applied for a cryptocurrency business license to use its announced virtual currency Libra in New York, according to a report by Reuters on June 28 New York requires a special license for crypto operations called the BitLicense, which is a product of the state’s finance regulator, the New York State Department of Financial Services (NYDFS). According to the report, Facebook has also been in contact with regulators in England and Switzerland, presumably to discuss the terms of Libra compliance. Facebook is reportedly aiming to launch Libra by 2020, and a spokesperson for the social media …
P2P payments technology company Circle announced that they rolled out the latest addition to its “family” — the cryptocurrency investment app Circle Invest — to most of the US on Tuesday, March 13. In a blog post and email sent to customers, Circle, which is one of a handful of businesses to have received a New York BitLicense, confirmed its crypto investment platform would be available in “early access” form to US citizens in 46 states. Minnesota, Wyoming and Hawaii remain excluded due to regulatory red tape, while New York will gain access “very soon”, the company said. The unveiling …