Wyoming’s New Crypto Banking Law Could Defang New York’s BitLicense

New York’s BitLicense has a work-around and it Starts in WY.

Wyoming crafted 13 crypto-friendly laws in 2019 for blockchain, compliance, custody, and banking for blockchain companies. The Wyoming state-chartered Special Purpose Depository Institutions (SPDIs) is a new type of fully-reserved fiat bank that can also custody crypto assets and facilitate domestic and international payments.

According to Wyoming advocates, one of the many things the SPDI can enable is for the SPDI to open an office in New York and bypass the BitLicense procedure.

“We are fairly confident that the Wyoming SPDI will be able to operate in New York without a BitLicense,” Chris Land, general counsel of the Wyoming Division of Banking, said Tuesday at CoinDesk’s Invest: NYC event in New York. Read more on CoinDesk

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