New York State DFS grants financial licenses to Tagomi Trading

New York State Department of Financial Services (DFS) shared a press release about approving the application of Tagomi Trading LLC for a virtual currency license on 27 March.

Acting Financial Services Superintendent Linda A. Lacewell made the official announcement. Tagomi Trading LLC is a subsidiary of Tagomi Holdings Inc. DFS stated that it has also approved a money transmission license for Tagomi.

Acting Superintendent Linda cited –

“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.”

DFS expressed that it has authorized Tagomi to engage in money transmission and offer trade routing. DFS has also authorized execution services for virtual currencies including Bitcoin, Ether, Bitcoin Cash and LiteCoin.

Tagomi is an institutional aggregation platform for trading virtual currency assets. The platform executes trades across multiple monetary venues.

New York state stands out as a financial hub. Many firms are vying to build a crypto footprint in the state.

Chief Executive Officer of Tagomi Trading LLC, Greg Tusar expressed enthusiasm that DFS had approved the application as New York’s first agency brokerage. Greg noted that Tagomi’s team of industry experts had developed their order routing services for diverse clients. Greg conveyed that they looked forward to working with New Yorkers. He noted “DFS’s thorough review and careful approach to virtual currency market participants”.

DFS touched upon taking the lead nationally in regulating the virtual currency market since 2015. DFS clarified that it has so far approved the applications of 18 companies.  DFS further stated its commitment to supervise and promote financial services. DFS also plans to drive market innovations by licensing technology-based money transmitters under New York’s money transmitter law.

Late last year, DFS granted virtual currency and money transmitter license to NYDIG Execution LLC. DFS authorized NYDIG to offer services to operate as a caretaker for virtual currencies including Bitcoin, Bitcoin Cash, Ether, XRP and Litecoin. Additionally, NYDIG had been authorized to operate as a limited purpose trust company.

General Counsel of Tagomi Trading LLC, Dhawal Sharma highlighted that the announcement backs Tagomi’s commitment to its customers. Dhawal expressed that transparency and fairness were key drivers of Tagomi’s services. Dhawal also added that the company looked forward to working with the DFS. Such bonding would be in sync with growing their business and marking presence with the clients of New York.