The debate whether BitLicense will kill Bitcoin ecosystem in New York is still going on; however, the Bitcoin regulation is continuing unabated as Circle Internet Financial, one of the crypto industry’s largest Bitcoin wallet services, has become the first to be granted a BitLicense to operate in New York State.
In an announcement the company says that with BitLicense it will be able to operate legally and help people share value in the same way they share other kinds of content and messages on the Internet: for free, safely, and instantly anywhere in the world. Receiving BitLicense, Circle Internet Financial has become the first Bitcoin company that has received the license.
BitLicense Have Become Pre-Condition for Bitcoin Companies Operating in NY
Talking about the decision to give BitLicense to Circle Internet Financial Anthony Albanese, the regulator’s acting superintendent, said that as the licenses are now required for companies that want to do business with New Yorkers, a number of applications are being processed. Circle Internet Financial is one of the crypto industry’s largest Bitcoin wallet services.
As the Bitcoin company has become the first to be granted a BitLicense to operate in New York State the regulators think that issuing the first BitLicense is an important milestone in the long-term development of the virtual currency industry. So far twenty-five companies have applied for BitLicense and Circle Internet Financial has become the first one to get it.
The DFS which has been researching and trying to find the proper regulation for virtual currency since 2013 has been focusing on Bitcoin regulation in New York. The BitLicense approval came as Circle released a new version of its online service called CirclePay. The company claims that it aims to make digital payments more appealing.
Bitcoin Regulation in NY
As Circle receives BitLicense it claims that alongside other functionality, the new service will allow USA customers to hold, send and request dollars from their contacts and refuel their account by bank transfer or credit card. Even Bruce Fenton, executive director of the nonprofit Bitcoin Foundation showed his happiness about the decision by the DFS.
Though there is a lot of debate going on how BitLicense can kill the evolving space of the digital currencies, Fenton was quoted saying that it was good news that Circle was able to comply with the rules. Interestingly, the company has decided that it won’t disclose exact transaction and volume data.
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