March 27, 2019
DFS ADVANCES NEW YORK’S THRIVING VIRTUAL CURRENCY MARKET, GRANTS VIRTUAL CURRENCY AND MONEY TRANSMITTER LICENSES TO TAGOMI TRADING, LLC
Acting Financial Services Superintendent Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved the application of Tagomi Trading LLC, a subsidiary of Tagomi Holdings Inc., for a virtual currency license. DFS has also approved a money transmission license for Tagomi.
“DFS is committed to fostering innovation and strengthening the competitiveness of New York’s burgeoning virtual currency sector,” said Acting Superintendent Lacewell. “The Department’s approval of Tagomi’s virtual currency and money transmitter licenses provides consumers with more choice and more protection in a continuously evolving global financial services marketplace.”
DFS has authorized Tagomi to engage in money transmission and to offer trade routing and order execution services for non-securities virtual currencies, including Bitcoin, Ether, Bitcoin Cash and LiteCoin. Tagomi is an institutional-grade aggregation platform for trading virtual currency assets at scale and executes trades across multiple liquidity venues.
"We are excited that DFS has approved our application as New York's first agency brokerage for virtual currencies. Our team of industry veterans has developed our order routing services with sophisticated clients in mind, and we look forward to expanding our presence with New Yorkers. We appreciate the DFS's thorough review and careful approach to virtual currency market participants to make for a more transparent and equitable virtual currency landscape," said CEO of Tagomi Trading LLC, Greg Tusar.
Since taking the lead nationally in regulating the virtual currency market in 2015, DFS has approved the applications of 18 companies. DFS remains committed to supervising and promoting financial services market innovations by licensing technology-based money transmitters under New York’s money transmitter law; online lenders under New York’s banking law; and virtual currency exchanges under New York’s financial services law.
"Today's announcement reflects Tagomi's commitment to our customers: We prioritize transparency and fairness with our services. We look forward to working with the DFS as we grow our business and cement our presence with New York's client base," said General Counsel of Tagomi Trading LLC, Dhawal Sharma.
Additional information regarding DFS’s regulation of New York’s virtual currency marketplace can be found here.