{"id":29049,"date":"2024-12-17T10:48:03","date_gmt":"2024-12-17T10:48:03","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29049"},"modified":"2024-12-17T10:48:03","modified_gmt":"2024-12-17T10:48:03","slug":"anchorage-digital-secures-nydfs-bitlicense-for-crypto-services","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29049","title":{"rendered":"Anchorage Digital Secures NYDFS BitLicense For Crypto Services"},"content":{"rendered":"

Anchorage Digital has announced that its New York subsidiary has been granted a BitLicense by the New York Department of Financial Services (NYDFS). <\/span><\/p>\n

In a 16 December 2024 <\/span>announcement<\/span><\/a>, the firm said the approval will allow it to offer cryptocurrency services in New York starting in 2025.<\/span><\/p>\n

\u201cOur agency trading desk enables NY-domiciled clients to take advantage of deep liquidity and <\/span>cost effective<\/span> trading from a regulated entity. Now, institutions based in New York can access Anchorage Digital NY\u2019s safe, regulated crypto trading with competitive pricing,\u201d Anchorage CEO Nathan McCauley said. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>15 Best No KYC Crypto Exchanges for 2024<\/span><\/a><\/strong><\/p>\n

Only 33 Companies Have Received BitLicense Approval<\/span><\/h2>\n

Since the BitLicense program\u2019s introduction in 2015, only 33 companies have received approval to offer crypto services in New York\u2014a list that has yet to include Anchorage.<\/span><\/p>\n

While the BitLicense program is <\/span>seen as<\/span> a key regulatory milestone for crypto firms operating in New York, it has also faced criticism for its stringent requirements. <\/span><\/p>\n

Notably, the regulatory approval enables Anchorage Digital to partner with a broader\u00a0range of institutions, including registered investment advisors (RIAs) and large institutional asset managers. McCauley said:<\/span><\/p>\n

\u201cThe new approval means the most trusted brand in crypto can offer regulated crypto trading to NY clients,\u00a0<\/span>and<\/span><\/em>\u00a0the ability to custody and settle trades through a clear-cut qualified custodian in the form of Anchorage Digital Bank N.A.\u201d<\/span><\/p>\n

We are excited to announce that the New York State Department of Financial Services (@NYDFS<\/a>) has approved our subsidiary, Anchorage Digital NY, LLC, for a BitLicense.<\/p>\n

The addition of BitLicense-regulated trading means Anchorage Digital can offer institutions in New York State (\u2026 pic.twitter.com\/Ki7Ehn1F1I<\/a><\/p>\n

\u2014 Anchorage Digital (@Anchorage) December 16, 2024<\/a><\/p>\n\n

Nevertheless, major companies such as Circle, Coinbase, and Gemini have secured licenses under the scheme. <\/span><\/p>\n

Conversely, Genesis Global Trading forfeited its BitLicense in January as part of a settlement with NYDFS, following allegations of investor fraud through the Gemini Earn program.<\/span><\/p>\n

New York remains a pivotal hub for the U.S. cryptocurrency industry due to the concentration of crypto companies and the presence of regulatory oversight. <\/span><\/p>\n

However, it\u2019s also a frequent battleground for enforcement actions against crypto firms. NYC Mayor Eric Adams, who assumed office in 2022, has been a vocal critic of <\/span>the BitLicense<\/span>, labeling it <\/span>as<\/span> \u201cstifling\u201d for the crypto sector. <\/span><\/p>\n

Notably, Adams gained attention for accepting his first three paychecks in Bitcoin, <\/span>a move that<\/span> paid off as the cryptocurrency\u2019s value surged.<\/span><\/p>\n

EXPLORE:<\/span> The 18 Best New Cryptocurrencies to Invest in 2024<\/span><\/a><\/strong><\/p>\n

Trump Appoints Crypto-Friendly Individuals To Key Positions<\/span><\/h2>\n

Anchorage Digital\u2019s recent regulatory approval comes as the crypto industry expects a more friendly regulatory approach under President-elect Donald Trump. <\/span><\/p>\n

Further boosting confidence in the industry, Trump has also proposed actions such as firing SEC Chair Gary Gensler and freeing Silk Road founder Ross Ulbricht.<\/span><\/p>\n

Additionally, Trump has\u00a0<\/span>appointed David Sachs<\/span><\/a>, a podcaster, as the \u201cCrypto Czar\u201d in his cabinet. He also pledged to make America the \u201ccrypto capital of the world\u201d through initiatives like World Liberty\u2019s lending and borrowing platform.<\/span><\/p>\n

Furthermore, he\u00a0<\/span>selected Paul Atkins<\/span><\/a>, a crypto advocate and former SEC commissioner,\u00a0<\/span>as his\u00a0choice<\/span>\u00a0to lead the SEC.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>17 Best Crypto to Buy Now in 2024<\/span><\/a><\/strong><\/p>\n

The post Anchorage Digital Secures NYDFS BitLicense For Crypto Services<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Anchorage Digital has announced that its New York subsidiary has been granted a BitLicense by the New York Department of Financial Services (NYDFS). In a 16 December 2024 announcement, the firm said the approval will allow it to offer cryptocurrency services in New York starting in 2025. \u201cOur agency trading desk enables NY-domiciled clients to […]<\/p>\n","protected":false},"author":0,"featured_media":29050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29049"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29049"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29049\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29050"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}