According to a Reuters report, Coinbase and Ripple are very close to being approved for bitcoin licenses by New York’s financial regulator, which would allow the two companies to legally operate within the state.
Also read: Bitcoin’s Next Adoption Phase Imminent as Public Interest Surges
Ripple Coinbase Want to Operate in NY
A notice published on the The New York State Department of Financial Services’s (NYDFS) website shows that the state agency received application from both companies on April 28th, 2016. These notices are generally published after cryptocurrency firms have already completed the necessary paperwork — signaling that the licensing process is nearly complete. However, the time-frame for approval is still unknown.
Many are aware of the state’s so-called “BitLicense” regulations for companies dealing cryptocurrencies within New York state. It was probably one of the most controversial Bitcoin-related topics of last year. However, the legislation marked a milestone in Bitcoin history because for the first time a legal apparatus, through actual legislation, had recognized the virtual currency.
BitLicense was first proposed in 2014, and the all of the specific rules and regulations were finalized later on in the summer of 2015. The regulations define virtual currency