In a press release posted on the official NYDFS site, Andrew M. Cuomo, New York State Governor, said that today�s announcement demonstrates the state�s ability to remain at the forefront of emerging technologies in the financial industry, �With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience.� added Cuomo.
Maria T. Vullo, Financial Services Superintendent, said in the press release that NY State�s �smart and careful regulation� has created an environment where the digital currency industry can thrive.
In October of last year, the NYDFS gave Gemini permission to operate as a limited purpose trust company in NY, which allowed Gemini to act as a venue for fiat-to-bitcoin transfers and vice versa.