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- Coinbase Assets has secured a significant license from the New York Department of Financial Services (NYDFS), paving the way for regulated crypto offerings in the state.
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This move marks a shift in the regulatory landscape, illustrating growing institutional acceptance towards cryptocurrency and its associated products.
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According to a COINOTAG source, “This approval signals a favorable outlook for the future of crypto regulation in New York and beyond.”
Coinbase Assets has received a license from NYDFS to provide crypto products in New York, reflecting a trend toward greater institutional acceptance of crypto.
NYDFS Gives Green Light to Coinbase Assets
In a notable development for the cryptocurrency industry, Coinbase Assets has obtained a license from the NYDFS, allowing it to engage in Virtual Currency Business Activity. This approval is particularly significant given the regulatory challenges that Coinbase has encountered in New York, where the regulatory environment has historically been stringent.
This achievement marks a pivotal moment for Coinbase, which has been actively seeking to enhance its offerings in New York despite facing numerous regulatory hurdles. Now, with the newly awarded license, Coinbase can provide a diverse range of crypto products to residents.
“Kusama (KSM), Illuvium (ILV), Oasis (ROSE), Gnosis (GNO), and Metis (METIS) are now available to New York residents on coinbase.com & in the Coinbase iOS & Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets,” the firm confirmed.
Notably, all of these approved assets have demonstrated a solid market presence over time, underscoring Coinbase’s commitment to providing users with reliable options. The NYDFS’s endorsement extends beyond just Coinbase, highlighting a broader acceptance within regulatory frameworks that were once deemed hostile to cryptocurrencies.