The newly updated New York BitLicense regulations have garnered a mixed response from the crypto community. But Gemini isn’t the one to shy away from crypto regulations. With its headquarters in New York, Gemini has chosen to fully comply with the new guidelines and looks set to increase its credentials as a law-abiding crypto exchange.
Gemini considers regulations as a positive building block when it comes to crypto trading. It has welcomed the conditional BitLicense initiative launched by the New York Department of Financial Services.
Gemini wears New York BitLicense badge proudly
Last week, updated New York BitLicense was announced by the New York State Department of Financial Services, which included many changes in its framework. These regulations are generally considered as tough since many exchanges closed shops when it was first introduced back in 2015. Gemini, however, decided to stay and comply with New York BitLicense regulations. And the step has paid off well for Gemini.
Gemini has always been a supporter of implementing governmental guidelines. At the same time, it has a soft corner for innovation that fuels change and spurs growth. Winklevoss twins, founders of Gemini exchange, have said that regulations promote healthy markets.
Noah Perlman, the chief compliance officer at Gemini, says that the conditional BitLicense is a positive step by the DFS to help the sector grow in a transparent manner. It will also spur innovation in the industry. Conditional licensing will ensure that more users will be able to access crypto trading without worrying about safety.
NY BitLicense has emerged as a regulatory benchmark
New York BitLicense has emerged as a leader in crypto regulations in the United States. After launching the BitLicense in 2015, the state has been proactively pursuing more transparency in crypto operations.
On 25 June, the DFS asked for suggestions on conditional BitLicense. It comes with upgraded regulatory conditions that allow firms holding BitLicense mentor non-BitLicese firms. Licensed firms can not only work with new entities, but they can also teach them how to navigate the NY crypto regulatory environment. The conditional New York BitLicense will attract new investments in the NY crypto space.