{"id":20165,"date":"2019-11-20T10:51:05","date_gmt":"2019-11-20T09:51:05","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=20165"},"modified":"2019-11-20T10:51:05","modified_gmt":"2019-11-20T09:51:05","slug":"bitcoin-btc-fidelity-digital-assets-services-secures-trust-license-to-operate-custody-business-in-the-new-york-state","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-btc-fidelity-digital-assets-services-secures-trust-license-to-operate-custody-business-in-the-new-york-state\/","title":{"rendered":"Bitcoin [BTC] \u2013 Fidelity Digital Assets Services Secures Trust License to Operate Custody Business in the New York State"},"content":{"rendered":"
Fidelity Investments\u2019 cryptocurrencies arm Fidelity Digital Assets Services<\/strong> (FDAS) has secured a green light from the New York state department of financial services (NYDFS) to operate as a limited liability trust company allowing it to set up a cryptocurrency custody and execution platform. <\/p>\n The NYDFS published<\/a><\/strong> a press release announcing that the agency granted the charter under the New York Banking Law. With this announcement, FDAS joins 22 other virtual asset businesses that have been approved by the agency to operate in the state of New York including direct competitors Coinbase Custody<\/a><\/strong> and Bakkt.<\/p>\n \u201cAs the financial capital of the world, New York must also continue to be the center of financial innovation,\u201d<\/em> Superintendent of Financial Services at the NYDFS Linda A. Lacewell<\/strong> said in a statement on Tuesday.<\/p>\n \u201cDFS will continue to provide regulatory oversight of new technologies to both foster innovation and protect consumers, companies, and markets.\u201d<\/em> She also added that \u201cThis approval is further evidence that innovation and consumer protection can coexist in New York\u2019s evolving and expanding financial services industry.\u201d<\/em><\/p>\n The last statement being an address to critics who constantly fault the strict New York Bitlicense for stalling innovation in the state.<\/p>\n <\/p>\n With the new license from the NYDFS, FDAS will now be able to serve clients including institutional investors and individuals who seek to store, buy, sell and transfer Bitcoin [BTC]. The business is however geared towards serving the institutional clientele including funds, facility offices, and similar professional financial establishments.<\/p>\n