Bitstamp, a cryptocurrency exchange based in Luxembourg, has bagged a licence from the New York Department of Financial Services (DFS) to offer virtual currency services in the state.

The licence has been offered to Bitstamp USA, which is part of Bitstamp.

The move enables the company to trade cryptocurrencies including Bitcoin for USD and vice versa.

The company can also make fund transfers onto the Ripple Network.

Bitstamp can now issue Ripple Balances in USD, other cryptocurrencies, and fiat currencies like Australian Dollar, British Pound, Euro, Swiss Franc, and Japanese Yen.

The company is the 19th one to secure this type of licence from the New York watchdog.

Most recently, the regulator granted the virtual currency licence to Tagomi Trading.

Other firms who have secured the licence include New York Digital Investment Group (NYDIG) Execution, Coinsource, BitPay, Square, Robinhood, LibertyX, as well as Xapo.

Bitstamp CEO Nejc Kodrič said: “We appreciate New York’s solid regulatory framework – the nation’s first – to protect consumers using cryptocurrencies and look forward to expanding our growing business in the state.

“Bitstamp has always embraced regulatory efforts that focus on transparency and accountability to help expand the industry and bridge the gap between the traditional financial and cryptocurrency worlds.”