ItBit is the first company to receive its licence to work under the newly crafted virtual currency laws in New York. ItBit will work as a regulated Exchange that will trade in virtual currency.
There is no doubt that Bitcoin's ultimate potential lies in its ease of use and its decentralized system. With regulation coming into the Bitcoin arena, we can hope that Bitcoin will finally fulfill its goals.
Regulation will add safeguards to secure customer funds and will help curb any future issues that Bitcoin's development may face. A regulated Bitcoin will also mean a more popular and more mainstream cryptocurrency.
This charter will give the company license operate in all of the 50 states and will strengthen its customer base due its newly regulated structure.
The company will have to ensure full compliance with NYDFS rules and regulations and will be able to provide FDIC insurance to its customers.
This will mark a new era in Bitcoin's history as regulated exchanges rise to tackle the challenge of Bitcoin's regulatory issues. With the added layer of regulation from financial authorities, Bitcoin and other virtual currencies can easily gain mainstream popularity.