NYDFS Grants First Charter to New York-Based Virtual Currency Company

Virtual Currency NYDFS

On May 7, NYDFS granted its first charter to a New York-based commercial Bitcoin exchange. In February, the company requested a charter under the NYDFS’s application process, which included a thorough review of the company’s anti-money laundering, capitalization, consumer protection, and cyber security standards. Under the New York Banking Law, the company can start its operations immediately, but is subject to continual supervision by the NYDFS.  Indeed, Superintendent Lawsky noted, “regulation will ultimately be important to the long-term health and development of the virtual currency industry.”