New York BitLicense | Crypto

The payments giant can now legally conduct digital asset business activity in New York as it deepens its focus on blockchain-based settlement systems. Mastercard’s US transaction services unit has received a BitLicense from the New York State Department of Financial Services (NYDFS), allowing the payments giant to conduct regulated digital asset business activity in the state. The company announced the license approval on Wednesday, but did not unveil any new consumer-facing crypto products. Instead, Mastercard said it plans to continue developing payment and settlement infrastructure tied to digital assets, focusing specifically on stablecoins and tokenized deposits. New York’s BitLicense is widely regarded as one of the strictest state-level crypto regulatory frameworks in the United States. Companies offering certain crypto-related financial services to New York residents are generally required to obtain the license. Read more

The NYDFS approvals allow GalaxyOne Prime NY to offer trading and financing services to institutional investors in one of the most tightly regulated US crypto markets. Galaxy Digital, a crypto-focused financial services company led by Mike Novogratz, has received a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS), allowing it to expand regulated digital asset services to institutional clients in the state. The company said Monday that the approvals were granted to its subsidiary, GalaxyOne Prime NY, which provides trading and financing services to institutional investors. The licenses extend Galaxy’s regulatory reach into New York, one of the most tightly regulated jurisdictions for cryptocurrency businesses in the United States. Read more

Galaxy Digital became the second company this year to secure a New York BitLicense, following Strike’s approval in March.