Coinbase Assets has been granted a license by the New York Department of Financial Services (NYDFS) to engage in Virtual Currency Business Activity. This license will allow Coinbase Assets to offer a range of crypto products to New York residents.
Coinbase has faced regulatory hurdles in offering many of its products in New York in the past. However, with this new license, the exchange will be able to significantly expand its offerings in the state.
Coinbase customers in New York can now buy, sell, convert, send, receive, and store Kusama (KSM), Illuvium (ILV), Oasis (ROSE), Gnosis (GNO), and Metis (METIS). These assets are all several years old, and only Illuvium has notably made headlines in the last year.
Coinbase has several subsidiaries with different functions, but the NYDFS has approved the whole conglomerate. This is a major development for Coinbase, as it will allow the company to offer a wide range of crypto products to New York residents.
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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