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Coinbase Assets announced that it is licensed by the New York Department of Financial Services (NYDFS) to engage in Virtual Currency Business Activity.
Coinbase Assets’ new offerings are now live to New York residents, and they entirely consist of coins with a proven track record.
NYDFS Gives Green Light to Coinbase Assets
Over the past years, Coinbase has faced continued regulatory hurdles in offering many of its products in New York. However, according to today’s announcement, the exchange has received a license from the state’s Department of Financial Services.
This is a major regulatory win for the exchange, as it’s currently waging a public legal battle over past mistreatments from the financial sector. With the ‘Virtual Currency Business Activity’ license, Coinbase can now offer a wide range of new crypto products to New York residents.
“Kusama (KSM), Illuvium (ILV), Oasis (ROSE), Gnosis (GNO), and Metis (METIS) are now available to New York residents on coinbase.com & in the Coinbase iOS & Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets,” the firm claimed.
All of the assets listed by Coinbase are several years old, and only one of them has notably made headlines in the last year. Coinbase has several subsidiaries with different functions, but the NYDFS approved the whole conglomerate.
The NYDFS has been changing its tune on crypto recently, even beyond this Coinbase approval. Last month, the regulator approved Ripple’s new RLUSD stablecoin, which led to several benefits for the company.
Previously, the regulator maintained a rather negative stance towards crypto, which was reflected in its actions to restrict crypto mining and challenging Binance’s developments. Back in 2023, the NYDFS also joined the SEC’s broader crackdown on stablecoins and exchanges.
This shift is likely to be a part of the ongoing regulatory changes in the US. Since Donald Trump’s re-election, many formerly hostile institutions have accepted the industry.
For example, the Southern District of New York’s (SDNY’s) new US Attorney announced plans to stop crypto crackdowns. Only a year ago, the same office had opposite plans.
In any event, this NYDFS license is good news for Coinbase and all its subsidiaries. Regardless of how well these assets perform in the New York market, this approval symbolizes a changing perspective among the regulators.
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