Payments company Circle Internet Financial has become the first company to receive an approved BitLicense. BitLicense was finalized by the New York State Department of Financial Services in June 2015 and is the first regulatory framework for virtual currencies, according to a press release.

Under BitLicense rules, virtual currency firms operating in New York had until August 10, 2015, to apply for a BitLicense. So far, 25 companies have applied for a license.

"Issuing the first BitLicense is an important milestone in the long-term development of the virtual currency industry. Putting in place rules of the road that help protect consumers from loss or theft and root out illicit activity is vital to building trust in this new financial technology," Anthony Albanese, acting superintendent of Financial Services, said in the release. "We will continue to move forward on evaluating and approving additional BitLicenses."