US Subsidiary Bitstamp USA Receives Bitlicense

Academic
By April 9, 2019 21:36
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A subsidiary of the largest European cryptocurrency exchange Bitstamp was granted a license for virtual currency from the financial regulator of the state of New York. This was reported in a press-release issued April 9 by the New York Department of Financial Services (NYDFS).

The license, known as BitLicense, was awarded to NYDFS Bitstamp USA Inc. and Bitstamp USA become the nineteenth firm that received department permission to conduct digital currency transactions in New York State.

This license will allow Bitstamp to launch services that allow customers to buy and sell Bitcoin (BTC). Bitstamp USA is also licensed to “facilitate the transfer of funds to the Ripple Network, issue Ripple balances in US dollars, other virtual currencies and a large selection of government currencies such as the Australian dollar, British pound, euro, Swiss franc and Japanese yen.”

In obtaining a license, Bitstamp joins other crypto-industry companies such as Square, BitPay, Genesis Global Trading, bitFlyer USA, Coinbase, XRP II and Circle Internet Financial.

It should be noted that the Bitlicense verification process entails a thorough examination of the company’s compliance with anti-money laundering (AML) requirements, as well as anti-fraud, capitalization and cybersecurity policies.

Read also – MUFG this year will launch a stablecoin based on the Japanese yen 

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Academic
By April 9, 2019 21:36