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Facebook started process for a cryptocurrency business license in New York

FX Street
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  • Facebook has applied for a cryptocurrency licence in New York, which is known as a BitLicense.
  • Reports also detail that Facebook has been in contact with regulators in England Switzerland.

Social media giant Facebook has applied for a cryptocurrency business license for the purpose of its Libra cryptocurrency in New York, according to a reports run by Reuters.

In New York they require a specific license for crypto operations known as the BitLicense, which is a product of the state’s finance regulator, the New York State Department of Financial Services (NYDFS).    

Facebook has additionally been in contact with regulators in England and Switzerland, for further discussions regarding Libra compliance. Facebook is reportedly targeting to launch Libra by 2020, and a spokesperson for the social media firm remarked:

 

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