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September 23, 2015updated 04 Apr 2017 4:01pm

Circle receives bitcoin license from New York DFS

Boston-based bitcoin start-up Circle Internet Financial has received BitLicense from the New York State Department of Financial Services (NYDFS).

By Verdict Staff

Boston-based bitcoin start-up Circle Internet Financial has received BitLicense from the New York State Department of Financial Services (NYDFS).

Circle has become the first company to receive a BitLicense, which was finalized by NYDFS in June 2015. It is a regulatory framework for firms dealing in virtual currency such as bitcoin.

The license will enable Circle to offer a mobile payment service that can send and receive and hold US dollars, in addition to bitcoin.

NYDFS acting superintendent Anthony Albanese said: "Issuing the first BitLicense is an important milestone in the long-term development of the virtual currency industry.

"Putting in place rules of the road that help protect consumers from loss or theft and root out illicit activity is vital to building trust in this new financial technology. We will continue to move forward on evaluating and approving additional BitLicenses."

Till date, NYDFS has received 25 BitLicense applications.

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