Bakkt is awarded the covetous BitLicense, thus allowing the crypto firm to offer digital currency services. According to the DFS’ Press Release, the regulating firm has approved the application of Bakkt Marketplace for virtual currency and money transmitter licenses.
On the approval of Bakkt’s application, Financial Services Superintendent Linda A. Lacewell adds:
This approval provides additional virtual currency options to New Yorkers as the state continues to rebuild and recover. Source : dfs.ny.gov
On the advancement of new technology, she further adds:
With new technology advancing every day, DFS is proud to be at the forefront of financial innovation through our continuous efforts to set the conditions for virtual currency companies to germinate and grow. Responsible innovation will blaze a path to a brighter future, Source : dfs.ny.gov
BitLicense is one of the toughest crypto licenses. BitLicense will allow the customers to buy and sell virtual currency. However, the activities will be subject to DFS’s supervision.
Founded in 2018, Bakkt, one of the fastest-growing crypto companies is presently working to launch a crypto payments app.
An extremely elated Bakkt CEO, Gavin Michael expresses:
We’re extremely proud to be awarded a BitLicense by the New York State Department of Financial Services. This represents a major milestone to achieving our vision of making digital assets accessible to all, and we’re thrilled to continue driving innovation in this rapidly evolving industry, highlighted by the upcoming launch of the Bakkt App. Source: dfs.ny.gov
DFS, since 2015, has granted 29 virtual currency licenses, including the Bakkt’s license. The first being Paxos, Bakkt will have access to offer crypto trading in Manhattan, the financial center of the US.
The new license, coming with the hosting of the DFS’ first-ever tech sprint, aims to avail the regulators with instant access to data provided by firms under their supervision. This effort seems to be an outcome of a trend by global financial regulators in employing tech sprints. It will apply as a mechanism to provide technology solutions to supervisory problems.