On Wednesday, November 14, 2018, the New York State Department of Financial Services (DFS) has approved and since granted, New York Digital Investment Group’s arm, NYDIG Execution LLC a BitLicense, which is essential for firms that offer virtual currency-related services. The news was revealed by Superintendent, Maria T. Vullo, who emphasized greatly on the need to comply by regulation.

According to Vullo, New York has witnessed an increment in financial services sector, and this growth only goes to show the need for setting strong, “regulatory safeguards that encourage responsible growth of the industry,” while ensuring the protection of consumers.

The BitLicense is normally approved and required for firms who typically provide the following type of services: virtual currency transmission, custodial services backed by virtual currencies, buying and selling of virtual currencies, along with administrative work related to said currencies. This being said, NYDIG is now allowed to offer custodial services to its clients, which include currencies such ass Bitcoin [BTC], Bitcoin Cash [BCH], Ether [ETH], Ripple [XRP] and Litecoin [LTC].

CEO of NYDIG, Robert Gutmann has since expressed gratitude for the approval of the BitLicense and noted what the firm plans to do moving forward in the following:

“NYDIG is pleased to receive these regulatory approvals and we look forward to providing secure and transparent liquidity, custodial and asset management services to the institutional market,” adding that the efforts taken by the New York State DFS in providing regulatory guidance will help towards “burgeoning [the] digital asset ecosystem.”

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