Bitcoin license application process lengthy to guard investors

North America United States
Maciek Klimowicz
Written by Maciek Klimowicz

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.”

 

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

Leave a Comment

Coinlaw Newsletter

Whether you are a law firm, founder gearing-up for a token offering, or a crypto currency trader, subscribe to the biggest crypto legal newsletter to be informed of the latest developments in each and every jurisdiction