Galaxy Digital has received a BitLicense and a money transmitter licence from the New York State Department of Financial Services to expand digital-asset services for institutions in New York.
Cointelegraph reported on May 18 that the licences were granted to its subsidiary, GalaxyOne Prime NY.
GalaxyOne Prime NY provides trading and financing services to institutional investors. The approval will allow Galaxy to expand its regulated business in New York, one of the strictest areas for cryptocurrency regulation in the United States.
Galaxy Digital CEO Mike Novogratz (마이크 노보그라츠) said, "New York is the market with the largest pool of institutional capital in the United States," and added, "This approval will help expand institutional access to digital assets."
New York's BitLicense, introduced in 2015, has been seen as a difficult authorisation for the cryptocurrency industry to obtain because it requires a broad compliance framework related to anti-money laundering, cybersecurity, capital reserves and consumer protection.
Chi-gyu Hwang
delight@d-today.co.kr