There is some good news for the cryptocurrency community in New York State. They will soon be having more options to trade digital currency. According to a recent report, the New York State Department of Financial Services will soon be granting the BitLicense to Coinbase and Ripple Labs.
The companies Coinbase Inc. and ripple Labs Inc. have been in line for the grant of BitLicense, which is necessary for and digital currency based to operate in the State of New York. The New York State Department of Financial Services had recently published a notice concerning both the companies on its website, which according to sources mean that all the regulatory paperwork has been received and processed by the financial regulatory body.
Once the notice is published, it is very likely for the companies mentioned in the notice to receive BitLicense. However, the exact timeframe for the issue of licenses is not available. Until now, both San Francisco-based companies did not have the authorization to offer their services in New York and it is going to change in the coming days.
In another news, the New York-based Bitcoin exchange platform, Gemini will soon be including Ethereum trading option on its platform. The company, which is already authorized to operate in the New York has so far been offering bitcoin trading option to its customers. The company, operated by the Winklevoss twins has received clearance from the same regulatory body to add Ethereum to its offering.
Even since BitLicense was introduced last year by NYSDFS, the regulatory environment in the state has become too strict. Many bitcoin companies have already moved out of the state instead of applying for the costly BitLicense which also requires the cryptocurrency platforms to introduce stringent regulatory and compliance set up.
The cryptocurrency community in the State of New York is currently deprived of many popular services. Some of these companies are gradually re-entering the state by complying with the regulations and more may follow soon.
IBM Says Blockchain Can Power 'Open Scientific Research' in New Patent Filing
A patent application published Thursday claims the process of conducting scientific research can benefit from the blockchain.
Led by a team at IBM's Watson Research Center, the patent application p
CFTC Fines Bitcoin Trader $1.1 Million for Crypto Fraud
The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme.
According to a press release iss
Japanese Firms Claim Success in Marine Insurance Blockchain Trial
One of Japan's largest insurance companies, Tokio Marine & Nichido Fire Insurance, and IT firm NTT DATA have completed a trial that put the paperwork for marine cargo insurance claims on a blockchain.
Accenture Puts Software License Management on a Blockchain Platform
Global professional services giant Accenture has rolled out a new software license management application built with tech from distributed ledger startup Digital Asset.
Accenture announced in a pre
Singapore's Central Bank, SGX Develop Blockchain Settlement System
The Monetary Authority of Singapore (MAS) and the country's stock exchange, Singapore Exchange (SGX), have developed a settlement system for tokenized assets that can work across different blockchains
Colorado Regulators Crack Down on Four More ICOs
Colorado regulators took action against four ICOs Thursday, bringing the state's total number of cease-and-desist orders against crypto startups to 12.
The state's "ICO Task Force" rebuked Bitcoin
Ethereum Sets Tentative January Goal for Next Blockchain Upgrade
Developers are eyeing January 16th as the date on which Constantinople, ethereum's upcoming network hard fork, could launch.
The upgrade for the world's second-largest blockchain was originally tar
For Bitfinex Users, Dollar Withdrawals Are Now a Weeks-Long Struggle
Three weeks after being assured that everything was running smoothly, some customers of cryptocurrency exchange Bitfinex are wondering why they still can't withdraw their money.
On Oct. 15, the cry