NEW YORK New York state’s financial regulator is close to approving licenses for bitcoin companies Coinbase Inc and Ripple Labs Inc, which would allow them to offer digital currency services in the state, a person familiar with the matter said on Thursday.
The New York State Department of Financial Services received applications from both companies, according to an April 28 notice published on the regulator’s website. The notices, usually published after virtual currency firms have completed the regulator’s paperwork, signal that the licensing process is nearly complete, according to the person familiar with the matter and other sources.
An exact time frame for approval of the licenses is not yet clear. The sources requested anonymity because they were not authorized to speak publicly.
Bitcoin is a Web-based “cryptocurrency” that enables users to move money across the world quickly and anonymously without the need for third-party verification. Despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in.
Last year, New York became the first U.S. state to issue extensive rules