Bullish to Provide Regulated Digital Asset Services
The BitLicense, officially known as the Virtual Currency Business Activity License, is a strict approval needed to operate in the digital asset industry. It shows compliance with New York’s high standards for consumer protection, anti-money laundering (AML), cybersecurity, and financial reporting.
With the license, Bullish can now operate as a digital asset platform, offering regulated access to crypto spot trading. The exchange will also act as a custodian for institutional clients in one of the world’s key financial markets.
Notably, New York is a key hub for financial innovation, and clear rules are necessary for digital asset companies that want to grow responsibly. With Bullish’s licenses, it has joined the selected group of exchanges that can operate legally in the state.
Bullish and Continuous Expansion
In February, Bullish received approval from the Hong Kong Securities and Futures Commission (SFC) to operate in Hong Kong. Interestingly, this step strengthens Bullish’s presence in Asia and shows its commitment to providing regulated digital asset services.
As reported by BitcoinLinux, Bullish has obtained two important licenses for its Hong Kong operations. The first license allows the platform to trade various digital assets. The second license allows Bullish to run an automated trading platform, making trading easier and more efficient for its users.
The California-based exchange can now serve institutional and retail investors, creating a secure and compliant environment for trading digital assets. Ultimately, this decision sets a positive example for other cryptocurrency exchanges that wish to operate in the region.
The BitLicense: A High Bar for Crypto Companies
Recall that MoonPay, a global crypto payments company, also received the New York BitLicense. With this, MoonPay can now operate directly across all 50 U.S. states. The approval also placed MoonPay among a small group of companies that have received a BitLicense since its introduction in 2015.
Other approved companies include major players such as Robinhood, Coinbase, Circle, and Ripple. Meanwhile, this new license supports the company’s plan to grow across the United States. Now, the company no longer needs to rely on third-party partners to serve American users. As such, it makes it easier for MoonPay to grow and compete in the region’s crypto market.
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