NY DFS grants virtual currency license to Bakkt Marketplace
The New York State Department of Financial Services (DFS) has approved the application of Bakkt Marketplace, LLC, a wholly owned subsidiary of Bakkt Holdings, LLC, for virtual currency and money transmitter licenses.
This license will allow Bakkt Marketplace to offer its New York customers the ability to buy and sell virtual currency and subject to DFS’s supervision of its licensed activities.
“We’re extremely proud to be awarded a BitLicense by the New York State Department of Financial Services,” said Bakkt CEO Gavin Michael. “This represents a major milestone to achieving our vision of making digital assets accessible to all, and we’re thrilled to continue driving innovation in this rapidly evolving industry, highlighted by the upcoming launch of the Bakkt App.”
Since 2015, DFS has granted 29 virtual currency licenses or trust charters, including the virtual currency license being announced today. Last week, DFS granted a charter under New York Banking Law to BitGo New York Trust Company LLC to operate as a limited liability trust company. Thanks to DFS approval, BitGo NY is authorized to provide digital asset custody and other related services to New York customers, including DFS supervised entities authorized to engage in virtual currency activity.
DFS began licensing firms engaged in virtual currency businesses activity in 2015 and under the leadership of Superintendent Lacewell, DFS has updated the Department’s regulatory approach to keep pace with changes in the market. This includes streamlining the process for companies to adopt new coins through a self-certification framework and a coins Greenlist, making use of the Department’s conditional licensing authority, and providing new clarity about DFS processes and expectations to applicants and licensed entities.