NY Department of Financial Services Approves Expanded FinTech Activities for NY Trust Companies

This week the New York Department of Financial Services (“NYDFS”) announced approval of significant new activities for its two licensed FinTech-oriented state trust companies, Gemini Trust Company LLC and Paxos Trust Company LLC (formerly known as itBit Trust Company), engaged in blockchain and virtual currency activities.

Significantly, the approved activities demonstrate both the continuing importance of virtual currency trading and the expansion into permissioned blockchain trading and settlement services.  These announcements represent the first substantive expansions in the approved activities of the two trust companies since their formation in 2015.

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