The New York State Department of Financial Services (DFS) has approved the application of Tagomi Trading for a virtual currency and money transmission license.
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 described as an institutional-grade aggregation platform for trading virtual currency assets at scale and executes trades across multiple liquidity venues.
Since 2015, DFS has approved the applications of 18 companies for the same licenses. DFS says that it is 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.”
Acting Financial Services Superintendent Linda A. Lacewell commented that DFS is committed to fostering innovation and strengthening the competitiveness of New York’s burgeoning virtual currency sector:
“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.”
Greg Tusar, CEO of Tagomi Trading, said they were excited to receive the approval from DFS.
“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 Tusar.