While the BitLicense has caused many companies to leave New York, those that intend to stay are progressing though the regulatory process. This week, one of the world’s largest Bitcoin services and wallet providers Coinbase became the 25th company to file for a BitLicense, which is expected to cost more than $100,000 in legal and compliance fees, according to Bitstamp Executive Vice President and chief legal officer George Frost.
Since February, Coinbase has continued to work with the New York Department of Financial Services (NYDFS) to improve the regulations and restrictions set on digital currencies such as bitcoin. Today, Coinbase is trying to engage with NYDFS in other states to become a fully licensed bitcoin exchange across the United States.
“Plenty of attention has been placed on New York, but the BitLicense application process is just one part of a larger multi-state licensing strategy that Coinbase has been executing for nearly two years and at significant expense,” a Coinbase spokesperson told Bitcoin Magazine. “Our plan has always been to work with the [NY]DFS, as we have with other states,