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Cryptoassets & Blockchain Legal News

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United States

Bitcoin license application process lengthy to guard investors

December 4, 2017 by Ashley MAO

The state bitcoin license applications process is both lengthy and intense for the purpose guarding bitcoin investors, said the New York Department of Financial Services superintendent Maria Vullo in an interview with Bloomberg.

According to Vullo, the department uses a procedure similar to one used by insurance companies to check not only if the companies applying for a license have adequate liquidity and capital but also who owns them.

Replying to a question about the recent drop in cryptocurrencies’ prices, Vullo said: “Obviously those types of things could happen once in a while. The currency then went back up afterwards, and that’s a good thing.”

 

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Ashley MAO, Coinlaw

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Ashley MAO is a member of the Coinlaw team. Read more about our team.

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