Gemini Calls NYDFS’s BitLicense Guideline as Positive Move

July 4, 2020      Vandana Malik

Gemini crypto exchange has recently reviewed the changes in BitLicense guidelines by the New York State Department of Financial Services (NYDFS). According to the exchange, the changes in legal guidelines should be seen as a positive move by NYDFS.

Gemini believes this move will promote growth and innovation 

Noah Perlman, Chief Compliance Officer of Gemini has said that this move made by NYDFS is one of the greatest moves towards the crypto industry. He believes that this is going to promote both growth and innovation across the industry. Through this, it could be expected that more people will be able to have access and along with this, it won’t even compromise with safety and security.

Recently, a few days ago, NYDFS has been looking for comments and reviews on the regulatory amendments that it made on BitLicense and called it a conditional BitLicense. The conditional license is there to help all the BitLicensed companies to work along with the companies without BitLicense.

NYDFS’s regulations will help to flourish the crypto industry

After these regulations made by NYDFS, Gemini has responded very positively and believes that this move will take growth and innovation with it. Perlman has said that the main aim and principle on which Gemini has been established was that better regulations are a key to a successful and healthy market. It has also been mentioned that the firm has received a trust license from NYDFS for this reason only.

This great move by the financial services department is going to be a great move which will help the crypto industry to grow and flourish. Even though the firm has supported this move by NYDFS, it has been seen that ever since BitLicense was introduced back in 2015, a lot of crypto exchanges have left New York. Several prominent ones like Kraken and Paxful have also supported the move of leaving New York.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.