US State Regulators Grant Money Transmitter Licenses to Crypto Startup Bastion
Institutional-focused crypto custody firm Bastion has obtained money-transmitter licenses (MTLs) in New Hampshire and Arkansas.
1/ We’re happy to share that we received our first two Money Transmitter Licenses (MTLs) in New Hampshire and Arkansas and can now support fungible assets in both states. pic.twitter.com/ElFMc7vOPp
— Bastion (@BastionPlatform) October 31, 2023
Riyaz Faizullabhoy, co-founder of Bastion, told Crypto News exclusively that:
“We are proud to announce the acquisition of Money Transmitter Licenses in New Hampshire and Arkansas just one month after our product launch. Securing these licenses furthers our mission to provide enterprises with a safe, secure, and compliant solution for a broad spectrum of digital assets.”
Bastion was founded by Nassim Eddequiouaq and Riyaz Faizullabhoy, former executives of a16z crypto.
In summary, with these licenses, the platform can support deposits, transfers, and payments of fungible crypto assets like Ethereum and MATIC.
In accordance with the Nationwide Multistate Licensing System (NMLS), the regulatory permit will enable the crypto startup to engage in trading operations related to the selling or issuance of payment instruments.
The crypto startup also disclosed that it has pending MTL applications in other states, as it aims to collaborate with regulators to provide solutions to enterprise businesses across the US.
Faizullabhoy explained further, saying:
“Compliance is a critical part of our vision, and we are committed to working closely with regulators and customers so enterprises can engage with web3 and take advantage of these new use cases.”
Eddequiouaq and Faizullabhoy launched Bastion on September 18, 2023.
1/ After months of building in stealth mode, we are ready to
Read more on cryptonews.com
