NYDFS grants Bitlicence to NYDIG

Chris Hamblin

15 November 2018

The NYDFS has authorized NYDIG to offer secure custody and trade execution services, providing consumers with the following options for the custody of their digital assets:

to engage in 'self custody';
to contract with a third party for custodial services; or
to contract with NYDIG Execution or NYDIG Trust for custody services.

The regulator has authorised NYDIG to offer defined services to operate as a custodian for virtual currencies, including Bitcoin, Bitcoin Cash, Ether, XRP and Litecoin.

The regulator licenses technology-based money transmitters under New York’s money transmitter law; online lenders under its banking law; and virtual currency exchanges under its financial services law. To date, DFS has approved fourteen charters or licenses for companies in the virtual currency marketplace.