On March 27 the Department of Financial Services, (DFS) New York approved Tagomi Trading virtual currency license. Tagomi Trading is a trading platform that has a special team that helps investors by using their skills and knowledge of the crypto space. Their main goal is to support the decentralization and widespread availability of cryptocurrency and blockchain technology. Tagomi Trading is now licensed by the DFA to do business in crypto technology in New York.
This has been possible because of BitLicense. BitLicense is what is given to all of the approved businesses to do business in crypto technology in New York. These businesses should be the ones that deal with the transaction of assets from one place to another. It is important that these transactions follow all of the laws of New York regarded to such transaction. As of now, almost eighteen firms have BitLicense and Tagomi is one of them.
After gaining the license, Tagomi gave a statement saying that they are very happy to claim the license as it also helps them gain transparency in their platform. Tagomi always values transparency and honesty in their dealings with investors.
BitLicense just like many other of its type has received a lot of criticism. Some crypto enthusiasts are against the idea of any government involvement in the space saying that crypto space should be left completely decentralized.
Despite all the hate, it is has been revealed that the concept of BitLicense is very lucrative. By BitLicense cryptocrime and scamming rate can be reduced significantly and investors have better control as well as check and balance over their investments.