Leading bitcoin wallet provider Xapo has received a virtual currency license from the New York Department of Financial Services.
The DFS said that it conducted a comprehensive review of Xapo’s application, including the company’s anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies. With the recent approval, Xapo will be authorized to offer a digital wallet and a vault service, which is intended as a safe and insured method to store Bitcoins.
“Today’s actions represent New York’s continued commitment to creating a thriving, global fintech marketplace. Through strong and thoughtful regulatory oversight by DFS, consumers and the virtual currency market alike will continue to benefit,” DFS Superintendent Maria T. Vullo said.
With the Xapo approval, DFS has now approved eight firms for virtual currency charters or licenses. DFS has also granted licenses to Genesis Global Trading Inc., bitFlyer USA, Coinbase Inc., XRP II and Circle Internet Financial, and charters to Gemini Trust Company and Paxos).
The DFS recently authorized Paxos Trust Company, formerly known as itBit Trust Company, to offer exchange and custody services for Ether, Litecoin, Stellar Lumens and Bitcoin Cash, on its platform.
