Bitcoin Wallet Xapo Receives New York’s ‘BitLicense’
Xapo which is a mobile Bitcoin and multi-currency wallet that combines convenience and industry-leading security for managing your Bitcoins is the latest recipient of New York’s ‘BitLicense’, perhaps the strictest state law governing the crypto sector, from the state’s financial regulator.
According to the notification, the New York Department of Financial Services (NYDFS)’s chief Maria T. Vullo mentioned the authority is promoting “New York’s continued commitment to creating a thriving, global fintech marketplace” by granting its BitLicense to Xapo.
In this case, the New York regulatory authority has given its sixth-ever BitLicense, an afficial authorization to function in the state of New York, following the affirmation of the first BitLicense to industry startup Circle in September 2015.
In his recent statement Xapo president Ted Rogers mentioned:
“We are very pleased with the approval of Xapo’s BitLicense application. It is the end result of much hard work, not just by Xapo personnel but by all the DFS and its staff.”
Having a new license, Xapo will now be permitted to suggest its digital wallet and its offline vault service to users in New York. At the beginning being located in San Francisco, California, Xapo has since that time moved its base of operations to the Swiss town of Zug, which is known as the ‘Crypto Valley’, referring to convenient regulatory conditions in early 2017.
The NYDFS said Xapo experienced a ‘comprehensive review’ with the regulatory authority looking into the crypto firm’s anti-money laundering, anti-fraud, capitalization, consumer protection and cybersecurity policies.
The NYDFS has also subbmited adoption to cryptocurrency exchange itBit, previusly known as Paxos, to attach four major cryptocurrencies in Ether, Litecoin, Bitcoin Cash and Stellar Lumens to its trading and custody services. Paxos does not carry out any activity with a BitLicense and was instead granted a virtual currency certificate under New York Banking Law in May 2015.