According to the latest reports, BitGo has made a huge announcement for its users and followers. The firm has announced that it has been granted the New York Trust License. The firm has reportedly received the license from the Department of Financial Services from the New York State.
For those who are not fully aware of BitGo, it is one the major and most prominent security as well as digital asset companies in the entire United States of America.
BitGo has announced that with the acquisition of the new charter, the firm has achieved a new milestone in terms of its growth and development in the digital assets sector.
With the latest license, the company will now be able to provide the New York State institutional clients with custodial services. The firm has stated that they have been closely monitoring the dynamics of the cryptocurrency and blockchain industry.
The industry is being widely adopted by the mainstream institutions mainly because of its tendency and adaptability features. Different companies from all over the world are now adopting crypto-blockchain technology as per their needs and requirements.
This is the reason why the cryptocurrency industry has been gaining constant success and rally. Therefore, the institutions from New York are eager to spend their portfolios into the fastest growing industry. That is where BitGo comes into the spotlight and with the help of the new license, it will be providing clients from New York the platform to make huge investments.
Through BitGo, the clients from New York will be able to make huge investments in the cryptocurrency sector. This would eventually turn out to be one of the biggest factors that would add up in providing the cryptocurrency industry even more exposure.
Most importantly, BitGo aims to provide these custodial services with full responsibility. Therefore, the platform will ensure that it is fully adherent and compliant with the regulations and policies that are there to streamline the crypto-processes.
BitGo stated that in the cryptocurrency industry, the most important and key regulations are KYC and AML. The know-your-customer policy requires the service providers to ensure that the personal identification information of the users is acquired. The regulation is limited not only to the basic personal information but also instructs that the information must be updated from time-to-time.
Then there is the anti-money laundering policy that requires the service provider to keep a close eye on any transactions incoming and outgoing from the platform. The platform is expected to report any transactions that tend towards being high-risk.
The firm has assured that it will remain fully compliant with these policies. This will be to ensure that it does not end up being involved in any of the illicit activities and later put the assets of the clients at great risk.