The provider of payment solutions Square received the seventh BitLicense account - a special license that gives the right to conduct business in the state of New York. This is stated in the message of the Department of Financial Services of the State of New York (NYDFS).
DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market. DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.
As noted in the NYDFS report, the agency carried out a comprehensive analysis of the Square application, including the company's policy on combating money laundering and fraud, its capitalization, consumer protection and cybersecurity policy. The new licensor is subject to constant supervision by the Department.
We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin. Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.
Head, Cash App
In January Square made the purchase and sale of bitcoin available to almost all US citizens, with the exception of Wyoming, New York and two other states where the regulation of the sphere is particularly strict. The company applied for BitLicense in March.