The Luxemburg based Cryptocurrency Exchange, Bitstamp has obtained a bitlicense from the New York Department of Financial Services (NYDFS) after a three-year wait. The NYDFS is one of the most stringent financial regulators of the world. It is the home to some of the most prominent financial institutions of the world.
Also Read: What is BitLicense? Why it’s important?
Bitstamp was found in 2011 to provide the Exchange services to the European Unit. The other significant exchange in the world was the Mt. Gox Exchange at that time.
According to their press release:
Bitstamp has always embraced regulatory efforts which focus on transparency and accountability that can help expand the industry.
Bitstamp is also one of ten Cryptocurrency Exchange which was cleared of the ‘fake reported volume’ fiasco being identified as one of the authentic Exchanges in the world.
Bitstamp also operates with a limited number of cryptocurrencies which includes Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC]. This is one of the reasons why a BitLicence was granted to the European Exchange.
The move is driven to increase its presence in the US, and the NYDFS BitLisence is expected to attract the Institutional Investors around the world as well.
The avenues for institutional investors to invest in Bitcoin and cryptocurrencies has increased considerably in 2019. Do you think we will soon see widescale regulatory approval too? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com