Cryptocurrency-friendly bank Anchorage Digital announced that its subsidiary had been granted a BitLicense by New York’s Department of Financial Services (NYDFS).

In a Dec. 16 notice, Anchorage Digital said its New York arm had received a BitLicense, allowing the firm to offer services starting in 2025. According to Anchorage’s CEO Nathan McCauley, the license would allow the company to launch “regulated and efficient crypto trading to clients based in New York.”

At the time of publication, the NYDFS website did not include Anchorage in its list of regulated entities in the US state. Since the BitLicense scheme was first implemented in New York in 2015, the financial regulator has approved 33 companies for offering crypto services — not including Anchorage.

NYDFS approves BitLicense for Anchorage Digital subsidiary image 0

Dec. 16 NYDFS approval notice. Source: Anchorage Digital

Though some in the crypto industry have criticized the BitLicense requirements for being overly restrictive, companies like Circle, Coinbase, and Gemini are licensed to operate in New York under the scheme. Genesis Global Trading agreed to surrender its BitLicense in January as part of a settlement with the NYDFS over allegedly defrauding investors through the Gemini Earn program.

Related: New York regulator hunts crypto and AI specialist for policy unit

New York is one of the hotbeds of the cryptocurrency industry in the US, possibly due to the number of companies operating in the state and the regulatory environment. However, the city is also often the center of enforcement actions brought by US officials against crypto firms and individuals.

NYC Mayor Eric Adams, who took office in 2022, has previously criticized the BitLicense program as “stifling.” In December, the mayor seemed to gloat to members of the press about his Bitcoin ( BTC ) holdings, which have risen significantly in value since he agreed to accept his first three paychecks in the cryptocurrency.

Magazine: Crypto City: Guide to New York