The Fresh York State Department of Financial Services (NYDFS) has granted Gemini Trust, a Fresh York-licensed bitcoin and ethereum exchange service, permission to serve customers te Washington State.
Maria T Vullo, the NYDFS superintendent, said te a statement that the approval wasgoed the result of a collaboration inbetween hier agency and the Conference of State Handelsbank Supervisors a nationwide institution that supervises state-chartered financial institutions.
Gemini is now operating ter most US states, with the exception of Alaska, Arizona, Hawaii, Oregon and Wisconsin.
Key to Gemini’s permission to serve Washington wasgoed its trust chartervliegtuig, granted ter Fresh York ter 2018. On application, the exchange’s founders, investors Cameron and Tyler Winklevoss, preferred that option to the state’s ‘BitLicense’, arguing it permitted a broader scope of businesses to be served.
The exchange wasgoed following ter the footsteps of itBit (now Paxos) the very first digital currency rigid to seek a chartervliegtuig te the state. At the time, the startup made the argument that a chartervliegtuig would enable it to suggest services ter more states without applying for licenses state by state.
The approval comes two months after Washington passed Senate Bill 5031, which requires some digital currency businesses to conform with the state money transmitter laws and exchanges to obtain licenses.
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The fresh rules will become effective from 23rd July, 2018.
While a puny update, the decision has potentially major implications for cryptocurrency startups that may be classed spil money services businesses or money transmitters.
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Ter response to the passage of the bill, Gemini competitors including Poloniex and Bitfinex announced they would no longer do business with customers residing ter Washington.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake te Paxos.
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