It’s no secret that New York is a bit of a tough nut to crack when it comes to cryptocurrencies. The state has been slow to warm up to the idea of digital assets, and its BitLicense requirements have been a thorn in the side of many companies looking to do business there.
One company that has been working hard to get a foothold in the Empire State is Coinbase. The popular cryptocurrency exchange has been working with regulators to try and get approval to operate in New York, and it looks like they may finally be making some progress.
In September of 2018, Coinbase announced that it had applied for a BitLicense from the New York State Department of Financial Services (DFS). This was a significant move, as Coinbase is one of the largest and most well-known cryptocurrency companies in operation today.
If they were able to obtain a BitLicense, it would open up a lot of doors for them in terms of doing business in New York.
NOTE: WARNING: Coinbase is not currently available in the state of New York. It is illegal to use Coinbase services in New York. Any attempt to use Coinbase services in New York is a violation of state law and may result in criminal prosecution.
Unfortunately, the process of obtaining a BitLicense is notoriously slow and difficult. The DFS has only issued 28 of them since the license was created back in 2015.
So far, Coinbase’s application has been stuck in limbo. But recent reports indicate that the DFS may be close to making a decision on Coinbase’s application.
If Coinbase is approved for a BitLicense, it would be a huge win not just for the company, but for cryptocurrencies as a whole. It would show that New York is finally starting to warm up to digital assets, and could pave the way for other crypto companies to obtain licenses as well.
It would also give Coinbase access to a large pool of potential customers in New York.
Right now, it’s impossible to say for sure if Coinbase will ultimately be approved for a BitLicense. But the fact that they’re even close to getting one is a positive sign for the future of cryptocurrencies in New York.
5 Related Question Answers Found
As of late, there has been much talk about whether or not Coinbase has custodial accounts. For those who don’t know, a custodial account is an account where the private keys are held by a third party. In the case of Coinbase, this would be the company itself.
Coinbase is one of the most popular cryptocurrency exchanges and allows you to buy and sell Bitcoin, Ethereum, Litecoin, and more. You can also use Coinbase to store your cryptocurrencies. Coinbase offers two types of accounts: custodial and non-custodial.
Cryptocurrency exchange Coinbase has said it is working with TaxBit to help its users better comply with tax lAWS. The announcement comes as the US Internal Revenue Service (IRS) prepares to send out more than 10,000 letters to US taxpayers who have not properly reported their cryptocurrency transactions. Coinbase has said that it will provide users with a “Cost Basis Methodology” report, which will show how much each cryptocurrency was worth at the time it was bought or sold.
As of 2019, Coinbase is not currently available to customers in New York. This is because the New York State Department of Financial Services (DFS) has not yet granted Coinbase a BitLicense, which is required for any business that wants to offer digital currency services in New York. Coinbase has been trying to obtain a BitLicense since 2015, but the DFS has yet to approve or deny their application.
If you’re looking to invest in cryptocurrencies, you may be wondering if Coinbase has IRA accounts. Unfortunately, the answer is no. Coinbase does not currently offer IRA accounts.
