Anthony J. Albanese, Acting Superintendent of Financial Services, announced on Tuesday that the New York State Department of Financial Services (NYDFS) has approved Circle Internet Financial’s BitLicense application.
This makes Circle the first company to receive a BitLicense from NYDFS. The BitLicense regulation – which NYDFS finalized in June 2015 – is the first comprehensive regulatory framework for firms dealing in virtual currency like Bitcoin. It includes provisions on key consumer protection, anti-money laundering compliance, and cyber security guidelines.
Acting Superintendent Albanese said:
“Issuing the first BitLicense is an important milestone in the long-term development of the virtual currency industry. Putting in place rules of the road that help protect consumers from loss or theft and root out illicit activity is vital to building trust in this new financial technology. We will continue to move forward on evaluating and approving additional BitLicenses.”
In June 2015, NYDFS published its final BitLicense rules following a nearly two-year research into the appropriate regulatory guidelines for virtual currency firms. Under those rules, existing virtual currency firms had until August 10, 2015 to apply for a Bitlicense. To date, NYDFS has received 25 BitLicense applications.
To view the official announcement from NYDFS, click here.