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Fidelity's cryptographic division, Fidelity Digital Assets Services (FDAS), has applied for a license to operate as a trust in New York State.
FDAS filed an application with the New York Department of Financial Services (NYDFS) for a trust license, the cryptographic media The Block reported on July 20, citing several anonymous sources familiar with the case.
If the license is approved, FDAS will be officially authorized to offer its cryptographic custodial services in the state of New York, operating as a limited-purpose trust company, the report says.
In the report, lawyer Arthur Long said the trust license was broader than BitLicense, NYDFS's typical cryptography license, allowing its holder to leverage more financial services such as financial advice. . Fidelity has not confirmed the news to The Block at press time.
In April, FDAS hired Christine Sandler, former director of the popular US coinbase exchange and coin purse service, to head sales and marketing. Sandler joined the company to lead institutional customer service and would be based in New York. In mid-May, Cointelegraph announced that FDAS was working to expand its blockchain technical team.
Reuters recently announced that Facebook, the social media giant, had asked NYDFS to acquire a commercial cryptocurrency license to operate its planned Libra stablecoin in New York.
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