New York to Give BitLicense to Coinbase and Ripple
The process of getting all of the paperwork and legal documentation together is both time-consuming, and costly. But that is not the biggest concern, as BitLicense requires companies to keep an extensive amount of details on all of their customers. Two more companies are on the brink of obtaining the infamous Bitlicense, which makes Coinbase and Ripple compliant Bitcoin entities in the state of New York. Both companies applied for their license several months ago, but it looks like there is light at the end of the tunnel. According to a source familiar with the matter, both Ripple and....
Related News
The BitLicense comes at a time when Coinbase is already embroiled in an expensive legal battle with the IRS. Bitcoin wallet and exchange Coinbase yesterday announced that they have obtained the Bitlicense from the New York Department of Financial Services (NYDFS). It is the formal license to carry out digital currency-related businesses in the state of New York. Coinbase believes that the long-term success of virtual currency and blockchain technologies will require productive partnerships between industry and government. Support from government is seen as essential in longevity of any....
Ripple Labs Inc., has had its BitLicense application approved today by New York state’s financial regulator. The New York State Department of Financial Services (NYDFS) has approved Ripple Labs’ BitLicense application. Granted today, the approval will grant Ripple the license to sell and obtain XRP – the native digital asset of the Ripple Consensus Ledger, a platform used by financial institutions including banks as well as companies. Designed to improve currency liquidity while lowering the significant capital costs of cross-border payments, XRP enables banks to use one XRP account held....
Coinbase has submitted an application for a BitLicense in New York State, making it one of the leading bitcoin businesses to seek the necessary regulatory approval. Coinbase advised CCN of its action in the wake of plans by other cryptocurrency businesses - such as LocalBitcoins, BitFinex and Kraken - to bolt New York due to the controversial regulation. The law prohibits the sale of bitcoin without a license. "We can confirm that Coinbase has submitted a BitLicense application," a Coinbase spokesman told CCN. "The process was a significant undertaking, but we're fortunate to have the....
While the BitLicense has caused many companies to leave New York, those that intend to stay are progressing though the regulatory process. This week, one of the world's largest Bitcoin services and wallet providers Coinbase became the 25thcompany to file for a BitLicense, which is expected to cost more than $100,000 in legal and compliance fees, according to Bitstamp Executive Vice President and chief legal officer George Frost. Since February, Coinbase has continued to work with the New York Department of Financial Services (NYDFS) to improve the regulations and restrictions set on....
The New York State Department of Financial Services (NYDFS) has issued a new statement indicating Coinbase has not yet secured a license to operate in New York. The remarks, relayed by a spokesman to The New York Times, suggest that the department, which is currently working on a final version of its BitLicense regulation, is still in talks with Coinbase about its legal status in the state, but that no decisions have been finalized. The NYDFS spokesman said: "We are working with several companies, including Coinbase, on licensing and will continue to move forward expeditiously. That said,....