The New York State Department of Financial Services (NYDFS), New York's financial regulator, has just created a specific division for licensing crypto-related companies.
According to an official announcement shared yesterday, the aim of this division, called Research and Development Division, will be "to oversee virtual currencies and study license applications."
All crypto firms interested in offering their services in NY must apply for a BitLicense to the regulator. This special license is only granted to those firms that meet certain requirements and allows them to operate legally in New York.
From now on, all these applications will be studied even more carefully, since this new division will be specialized in analyzing them.
The NYDFS has granted more than 20 licenses to crypto companies to date.
The NYDFS has been regulating companies from the crypto industry since 2015, when it launched its BitLicense program.
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