Cryptocurrency lending business firm BlockFi announced in an email that information technology obtained a money transmitter license (MTL) in the state of Washington in the United States.

The firm explained that the license will allow BlockFi to exist the first crypto visitor eligible to offer involvement-begetting crypto accounts to Washington country residents. Furthermore, Washington residents will also have access to the business firm's trading service. The trading platform was announced by the firm last week. At the time the house also noted that information technology was pursuing licenses to offering the service equally broadly as possible:

"As function of the preparation for the trading launch, BlockFi completed MSB registration with FinCen and has expanded their land licensing strategy to include money transmitter licenses in addition to its existing state lending licenses."

A focus on compliance

Until now, BlockFi was just authorized to serve state residents with its crypto-backed loan production due to it previously having a consumer lending license in the land. BlockFi CEO and founder Zac Prince told Cointelegraph that the firm also plans to use its license to prepare the platform to "service residents in the state with a fiat on/off ramp option." He also pointed out BlockFi's focus on compliance:

"For united states of america, compliance is a differentiator, and something we pride ourselves on. Information technology generates a degree of trust that's required to thrive and build a true financial ecosystem for cryptocurrencies. It too provides us with the added advantage to further facilitate and secure institutional capital in the most future, enabling us to go on building new products and servicing clients where others can't — similar Washington. "

Every bit Cointelegraph reported in May, the state passed a bill that recognizes and protects the legal status of electronic records pertaining to distributed ledgers like blockchains.

Furthermore, reports that circulated in January suggest local officials of Douglas County located in key Washington want to build a blockchain innovation campus.