Fidelity is rumored to be planning a “seismic move” in the crypto markets, according to Andrew Parish, co-founder of Arch Public. The asset management firm…
Fidelity is rumored to be planning a “seismic move” in the crypto markets, according to Andrew Parish, co-founder of Arch Public. The asset management firm…
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Anthonia Isichei
on
March 4, 2021 Regulation
California-based digital assets financial services company, BitGo, received a charter to operate in New York as an independent and regulated custodian.
BitGo Scores New York Trust Charter
According to an official announcement on Thursday (Mar. 4, 2021), BitGo was granted the trust license under the New York State Banking law by the New York State Department of Financial Services (NYDFS). The approval comes after BitGo’s earlier application to the NYDFS for a New York Trust Charter back in August 2020.
With the new license, BitGo is able to act as a custodian to institutional clients in the state seeking to make large crypto investments. Also, the company would offer its New York clients an extensive crypto experience, fast onboarding, anti-money laundering (AML) and know your customer (KYC) controls, among other services.
Paxos on Verge of Becoming Regulated Bank in US
Dec 10 2020 · 13:48 UTC by John K. Kumi · 3 min read
Photo: Depositphotos
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The NYDFS has always been a fan of innovation favoring the impact Paxos has made in the financial market within the country.
A stablecoin issuer and crypto services provider Paxos is on the verge of becoming a fully operational regulated bank in the US after applying to the Office of the Comptroller of the Currency (OCC). If this application is approved, Paxos would operate as a full trust bank and be mandated to hold cryptocurrencies.