Genesis Global Trading, cryptocurrency brokerage company serving institutional investors, has finally succeeded where many companies have failed. The company is supported by the Digital Currency Group has become one of the five cryptocurrency firms having license Regulations work in the state of new York.
Last Thursday the company announced that it successfully joined the «tiny» League owners Regulations. Genesis Global Trading working in new York in 2013 for a limited version of Regulations from the office of financial services (DFS), which enables cryptocurrency transactions in the state to obtain a hard-to-reach Regulations. License makes the company the fifth firm approved by the DFS for three years.
Although the company did business in the state without a full Regulations, the new resolution will allow it to offer a wider range of services to large investors. Genesis Global Trading can now increase their offers for the sale of bitcoin (BTC), ether (ETH), Ether Classic (ETC), litecoin (LTC), zcash for (ZEC), Ripple (XRP) Bitcoin and Cash (BCH).
CEO of Genesis Global Trading Michael Moreau (Michael Moro) expressed deep satisfaction with the recent achievements of the company. He said:
«We are very pleased that DFS has approved Regulations for Genesis Global Trading. Despite the fact that in recent years we have worked throughout the state, today’s decision is an important step forward and ensures that we conduct our business in accordance with law.»
DFS: Regulations – necessity
There are regulations in 2015. It was developed by the Office of financial services of new York, but to date only five companies have been granted Regulations. Because of this, the cryptocurrency community has been critical of the regulation since its adoption.
In February it was reported that Senator of the state of new York, Jesse Hamilton (Jesse Hamilton) proposed to revise a controversial regulation adopted in 2015. However, while a significant part of industrial companies find the cryptosystem of new York is absolutely not adapted for his work, the head of the DFS, Vullo Maria (Maria Vullo) thinks otherwise. In April 2018, she said:
«DFS has previously recognized that the creation of such standards is a necessity and that they will help to improve the work and enhance safety. Therefore, we create a channel for proper growth in compliance with legal obligations that must take into account all companies in the industry. We facilitate the development of a reliable infrastructure for the protection of investors.»
Recently, the Assembly of the state of new York was made
the proposal to establish alternative Regulations. The new law requires «the inspection of the activities of cryptocurrency companies, third-party depositaries and the prohibition of license fees for the conduct of activities such cryptocurrency companies.» According to the author of the project, all previous attempts to regulate the cryptocurrency space in the US led to the emergence of barriers for companies seeking to develop and function in the industry of digital currencies.
Shortly after making this proposal in the U.S. Congress discussed
regulation of cryptocurrency and ICO, in which the panelists talked about the need to take a balanced approach. Perhaps their attitude will help to avoid over-regulation, promotes the elimination of Regulations and the adoption of more adequate laws.