WASHINGTON — Ripple Labs on Monday obtained a virtual currency license from the New York State Department of Financial Services, making it the fourth company with a BitLicense.
"Earning the BitLicense is incredible validation of the institutional use of digital assets by DFS, one of the most influential state regulators," Chris Larsen, Ripple's co-founder and chief executive, said in a
The license applies to the Ripple exchange network's XRP currency, and "is the first granted for an additional institutional use case for digital assets," the company said.
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The number of startup companies opting out of the State of New York more than a dozen since the financial services department's BitLicense regulation was finalized is troublesome.
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The New York licensing process for virtual currency companies is stoking fears that firms which do apply could inadvertently open themselves up to prosecution.
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With New York's framework for regulating digital currency now final, a looming question is whether other states such as California will follow suit.
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In a
"DFS will continue to progress on licensing virtual currency firms while acting in the best interests of New York consumers," it said.
So far the regulator has received 26 applications for a BitLicense, a virtual currency charter that was
