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There are many different opinions about how to take the Bitcoin to the next level, in terms of adaption, usage and value. While most of the people onboard from the start loves the Bitcoin for its anonymous nature, it seems that the “new” generation believes that regulations is the way forward.
By regulating the Bitcoin, the cryptocurrency will be treated as a real currency and thus stabilize in value as well as provide people with the security that they are used to. Many countries have decided to regulate the Bitcoin to some extend and now the time has come to New York.
The state of New York made headlines late last year, when they announced that they were creating a BitLicense for companies who wanted to operate with Bitcoins. The BitLicense would provide the legal and regulatory framework for the companies and everyone would be able to apply for a license, with a non-refundable one-time fee.
Now the first company to receive one of these BitLicenses has been found and its a Bitcoin Exchange that started out in Singapore. ItBit is the name and they are one of the most respected exchange sites in Asia, who now will make their way into the US as well.
ItBit received $25 million in funding last year to be able to apply for the license, which has taken more than a year. At the same time the company brought onboard some very respected and trusted people from the financial industry into their board, which helped them obtain the license.
“The trust allows itBit to be a custodian for its client’s funds, which is a much higher duty of care than any other bitcoin company is regulated under right now. It took us 15 months and a well over a thousand page application. It is extremely in-depth, extremely time-consuming and not easy to do.” Charles Cascarilla, ItBit Chief Executive Officer and Co-Founder said.
“Bitcoin has the potential to transform the world of finance as we know it today. itBit can truly become the backbone of the entire Bitcoin ecosystem and help elevate its importance in finance, commerce and building new economies.” Bill Bradley, Board Member of ItBit said in a press release.
ItBit is now the first Bitcoin exchange that can operate legally in New York and several other states in the US. Coinbase also operates legally in some states in the US, but will not be able to operate out of New York unless they obtain a BitLicense from them.