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ARTICLE · 09 JANUARY 2020

NY DFS Grants New License, Stablecoin Debate Continues, Crypto Mining Reports Issued

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Earlier this week, the New York State Department of Financial Services (DFS) reportedly approved the virtual currency and money transmitter license applications of a leading online

United StatesTechnology
Simone O. Otenaike
Simone O. Otenaike
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Earlier this week, the New York State Department of Financial Services (DFS) reportedly approved the virtual currency and money transmitter license applications of a leading online personal finance company that offers student loan refinancing, mortgages and personal loans. According to reports, the two licenses allow the firm to offer its New York customers the ability to buy and sell cryptocurrency – the company is currently authorized to support bitcoin, bitcoin cash, ether, ether classic, litecoin and Stellar lumens. Late last week, reports surfaced regarding a new bipartisan bill called the Managed Stablecoins Are Securities Act of 2019. While the bill is still in its primary stages, reports note that it may eventually provide regulatory clarity for stablecoins.

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