Stocks soar by nearly 6% following successful acquisition of New York's BitLicense
In a major development for the cryptocurrency industry, Bullish US Operations LLC has been granted the BitLicense and the Money Transmission License by the New York State Department of Financial Services (NYDFS) in June 2023. This significant milestone marks Bullish Exchange's credibility to operate within the financial capital of the world.
The BitLicense, a regulatory framework for virtual currency businesses operating in New York, has been a subject of debate due to its demanding nature. Many companies have either withdrawn from New York or delayed plans to enter the market due to the rigorous BitLicense regime. However, Bullish Exchange's successful acquisition of the BitLicense signifies a positive shift in the regulatory landscape.
Anchorage Digital, a federally chartered digital asset bank, was approved for the BitLicense late last year, setting a precedent for other crypto entities. Joining them is Moonpay, a crypto payments firm, which received its BitLicense in June this year.
New York City Mayor Eric Adams, a proponent of regulatory reform for the BitLicense regime, has been actively advocating for changes to the existing framework. Adams has suggested dropping the BitLicense program completely to have a freer flow of Bitcoin in the city. However, he has also proposed establishing a digital advisory council to guide policy decisions, aiming to strike a balance between regulation and innovation.
Bullish Exchange's acquisition of the BitLicense comes at a time when the city is experiencing a shift in its regulatory approach towards the cryptocurrency industry. With Bullish Exchange now part of a short list of crypto entities that have managed to clear the BitLicense bar, it is expected that more companies will follow suit, contributing to the growth of the industry in New York.
This development is a testament to the city's commitment to fostering a conducive environment for the cryptocurrency industry and attracting businesses to operate within its borders. As the regulatory landscape continues to evolve, it will be interesting to see how the BitLicense regime adapts to accommodate the growing needs of the industry while ensuring consumer protection and financial stability.
