bitFlyer, a Japan-based bitcoin exchange, has secured a virtual currency licence from the New York State Department of Financial Services (DFS).

This licence will enable bitFlyer to to establish an online digital currency exchange, known as Bitcoin exchange in the state. The company will offer Bitcoin trading platform besides custodial wallet services for the Bitcoin digital currency.

Prior to granting licence, DFS carried out a complete review of bitFlyer USA’s application on aspects such as its anti-money laundering, capitalisation, consumer protection, and cyber security policies.

New York DFS superintendent Maria Vullo said: “As New York’s financial services regulator, DFS’s mission is to encourage innovation while protecting markets and consumers.

“As the virtual currency market expands, New York will continue to support technological innovation while enforcing strong state-based regulation.”

bitFlyer CEO Yuzo Kano said: “The BitLicense propels bitFlyer forward in our mission to make the world simpler through blockchain. DFS’ rigorous application ensures only the most safe and compliant firms can operate in New York.

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“The US team has worked closely with DFS through the application process and we appreciate the relationship we’ve built with them.”

The company has secured approvals to operate in 40 other States in the US.