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The New York State Department of Financial Services (DFS) has announced today it approved the application of Ripple Labs’ affiliate, XRP II, LLC, for a virtual currency license – commonly known as a BitLicense. The regulators say this comes after they conducted a rigorous review of Ripple’s application, including the company’s anti-money laundering, capitalization, consumer protection, and cyber security standards.
“DFS is pleased to continue to foster the growth of the New York virtual currency marketplace and industry through thoughtful and appropriate regulation,” said Acting Department of Financial Services Superintendent Maria T. Vullo. “DFS will continue to progress on licensing ... (read more)