New York State Department of Financial Services has authorized Gemini Trust Company to offer the trading of Ether, an emerging cryptocurrency, on its virtual currency exchange based in New York City.
Ether is the digital cryptography-based asset of the Ethereum network, similar to how bitcoin is the digital cryptography-based asset of the Bitcoin network. The Ethereum network is a cryptocurrency and blockchain platform.
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Gemini, which is a limited purpose trust company chartered under New York State Banking Law, can roll out Ether trading immediately, subject to ongoing supervision by the state.
In October 2015, the Department of Financial Services issued a charter to Gemini to operate a virtual currency exchange through which its clients may purchase and sell virtual currency for US Dollars and US Dollars for virtual currency.
Acting Department of Financial Services superintendent Maria Vullo said: "Through smart and careful regulation, New York State continues to flourish as a virtual currency leader in the global marketplace. DFS will continue to encourage the development and long-term future of this growing industry."
Gemini Trust Company founders Cameron and Tyler Winklevoss said: "Their approval of Gemini as the first-ever licensed platform to support Ether trading demonstrates their commitment to being global thought leaders in financial regulation that both protects consumers and fosters innovation."
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By GlobalDataThe Department published final virtual currency rules in June 2015 after a nearly two-year inquiry into the appropriate regulatory guidelines.
