The New York State Department of Financial Services (DFS) has 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.

Mike Belshe, CEO of BitGo, commented:

“We are extremely proud to receive the approval for a trust charter from NYDFS to serve the world’s premier financial organizations that are based in New York State. The past year has been exceptional for BitGo and the digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity and stability to the crypto ecosystem.”

Including the charter granted to BitGo NY, to date DFS has approved 28 charters and licenses for companies engaged in virtual currency business activity. In December 2020, DFS has granted a charter under New York Banking Law to GMO-Z.com Trust Company Inc., to operate as a limited liability trust company. Thanks to the DFS approval, GMO is authorized to issue, administer, and redeem Japanese Yen and U.S. Dollar-pegged stablecoins in New York.

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.