The New York Department of Financial Services (NYDFS) has issued a license to Coinbase Custody, which allows this company to provide financial services as an independent qualified custodian (depository). This means that one of the areas of activity of Coinbase fully complies with the banking law of the State of New York.
Coinbase Custody will now work as a trust company. Users will be able to store their crypto assets and savings in the new trust. In addition, the company promises to provide many other functions, including staking (a method of obtaining cryptocurrency using the proof-of-stake algorithm due to its storage).
The custodial enterprise as a part of Coinbase Inc. in accordance with state law, New York is regarded as a traditional fiduciary enterprise. This means that it will comply with the requirements of the anti-money laundering, confidentiality, security and trust fundkeeping legal acts.
“Important step towards institutionalizing the crypto market. With Fidelity, BitGo, Coinbase, market infrastructure is improving rapidly,” Joseph Young has said.
We believe that this opinion is absolutely reasonable. Cryptocurrency as a financial asset is rapidly developing. The fact that the US government considers financial activity with cryptocurrency on a par with the traditional one indicates the readiness of a developed society to deal with the new market. Institutional investors are very interested in the emergence of a reliable, safe and legal storage of a large number of crypto-assets and their management.
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