New York regulator issues first bitcoin license to company

“Our goal is to make sending and receiving money instant, secure and free for people around the world, including New Yorkers”, said Sean Neville, co-founder and president.

In conjunction with news, the company announced it will rebrand as currency-agnostic service Circle Pay.

Circle Internet Financial Ltd., a Boston-based bitcoin startup backed by Goldman Sachs Group Inc., has become the first firm to receive a New York State BitLicense, allowing it to offer digital-currency services in New York.

The Department of Financial Services says Circle Internet Financial has outlined cyber security, capitalization, controls against money laundering and other measures to protect consumers and root out illicit activities.

The NYDFS shared that more than 20 firms have already filed for their BitLicense after the framework was implemented. Mitchell described Circle Internet Financial as a consumer payments company. The firm will also be targeting movement into other currencies, such as the euro. ItBit chose to register as a trust company – something that brings a stricter set of rules and regulations, The New York Times reported at the time.

“We’ve been fairly vocal about our concerns with the BitLicense, especially in its initial incarnation”, said the pair in the post. The company won’t disclose exact transaction and volume data, but they are seeing “significant consumer demand” globally for its product, which now enables transactions in US dollars and in bitcoin, she said.

Many of those issues were resolved, and though still not ideal, the BitLicense and its requirements became clear and irrefutable prerequisites for serving and supporting everyone in New York.

The BitLicense regulations govern how businesses engaged in virtual currency can operate in the state. To date, the New York Department of Financial Services said it has received 25 applications, which it will continue to evaluate for approval.

“We are trying to

Originally appeared at: http://nysepost.com/new-york-regulator-issues-first-bitcoin-license-to-company-4282