On October 5, 2015, the New York State Department of Financial Services (“NY DFS”) announced that it had granted a charter to Gemini Trust Company, founded by twins Cameron and Tyler Winklevoss, to engage in the business of a bitcoin exchange. This action follows the recent approval on September 22, 2015, by the NY DFS of the first BitLicense to Circle Internet Financial, under its recently finalized virtual currency rules, in order to offer mobile payment services involving bitcoins, in addition to US dollars, and the approval in May of itBit Trust Company. Similar to itBit Trust Company, Gemini is a limited purpose trust company authorized to engage in the virtual currency business, and will be required to abide by both the laws and regulations applicable to limited purpose trust companies as well as the BitLicense regulations
Norton Rose Fulbright is publishing a global legal and regulatory guide to cryptocurrencies. The guide will be published in a series of chapters covering a range of legal and regulatory issues relating to cryptocurrencies. You can download the first chapter and register to receive subsequent chapters here.