Coinbase Assets has received approval from the New York Department of Financial Services (NYDFS) to conduct virtual currency transactions.
The latest products from Coinbase Assets are now available for New York residents, all of which feature coins that have a solid history of performance.
NYDFS Gives Green Light to Coinbase Assets
For several years, Coinbase has encountered ongoing regulatory obstacles when trying to offer numerous services in New York. But as stated in today’s news, the platform has now obtained a license issued by the state’s Department of Financial Services.
Obtaining the ‘Virtual Currency Business Activity’ license represents a significant regulatory victory for the exchange, as it is currently engaged in a public legal dispute concerning historical misconduct within the financial industry. With this license, Coinbase is now authorized to introduce an expansive selection of novel cryptocurrency products to New York residents.
These digital assets – Kusama (KSM), Illuvium (ILV), Oasis (ROSE), Gnosis (GNO), and Metis (METIS) – are now accessible for New York residents on coinbase.com, as well as through the Coinbase iOS and Android apps. With their Coinbase accounts, customers can now trade, exchange, transfer, receive, or store these assets.
The assets on Coinbase’s list have been around for quite some time, with just one receiving significant attention within the past year. Despite having multiple subsidiaries specializing in various tasks, the entire organization under Coinbase was given approval by NYDFS as a whole.
Lately, the New York Department of Financial Services (NYDFS) has shifted its perspective on cryptocurrencies, a change that goes beyond the recent Coinbase approval. For instance, last month saw the regulator grant approval for Ripple‘s new RLUSD stablecoin, bringing several advantages to the company.
Earlier, the regulatory body had adopted a skeptical approach towards cryptocurrencies, as evidenced by its measures to limit crypto mining activities and contesting Binance‘s advancements. In 2023, the NYDFS even collaborated with the SEC in intensifying their efforts against stablecoins and crypto exchanges.
This evolution is probably connected to the continuous adjustments in U.S. regulations, as numerous previously antagonistic entities have embraced the sector following Donald Trump’s re-election.
The recently appointed U.S. Attorney for the Southern District of New York has unveiled intentions to halt cryptocurrency-related investigations, contrasting with their stance just a year ago.
Regardless of the performance of these assets in the New York market, it’s positive news for Coinbase and all its affiliates that they have received NYDFS approval. This signifies a shift in regulatory viewpoint.
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2025-01-08 00:47