Nonetheless, if the company is able to get the license, it will be the first Bitcoin company to be regulated as a bank in the United States.

According to the reports as itBit wants to expand, it is filing the application. Though right now, the company operates as an exchange where buyers and sellers trade the Bitcoin digital currency, once it gets banking license it will be able to show its presence in all corners of financial services. It will also be able to present itself as a trustworthy and reputable company.

In an October letter to New York`s state banking regulator on an unrelated matter itBit Chief Executive Charles "Chad" Cascarilla had said that some highly publicized failures and potentially illegal activity have focused attention on virtual currencies and have highlighted the need for a sound regulatory framework for virtual currencies.