Bakkt receives coveted New York crypto business license

Bakkt receives coveted New York crypto business license

On Thursday, the New York Department of Financial Services announced that Bakkt has become the 29th company to obtain the BitLicensee. With it, Bakkt will have new authority to provide crypto trading in New York, the financial center of the United States.
Bakkt has become the latest crypto company to receive a BitLicense, a New York State crypto business license.
On Thursday, the New York Department of Financial Services announced that Bakkt has become the 29th company to receive a BitLicensee.
BitLicense is a measure used by New York State to regulate cryptocurrency companies. In 2015, Paxos became the first company to obtain the license. With it, Bakkt will have new authority to provide crypto trading in New York, the financial center of the United States.
NYDFS also took the opportunity to unveil other crypto initiatives, including a tech sprint aimed at finding new ways to deliver companies’ data to regulators in real time.
While New York has a reputation for hawkish regulation, Manhattan, as a financial center, remains attractive to businesses looking to engage in a variety of trading activities. When PayPal was planning to enter the crypto space, the company was waiting for New York’s first conditional BitLicense before making its plans public.