Recently a digital payment firm Square has received a BitLicense from the authorities in the state of New York.
The company announced that the license was issued by New York Department of Financial Services. Earlier a spokesperson had indicated that the paperwork has been submitted to receive a BitLicense.
Superintendent Maria Vullo stated,”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.”
In the press release Department of Financial Services states that they have approved nine firms until now for virtual currency charters or licenses, including Xapo, Inc., Genesis Global Trading Inc., bitFlyer USA, Coinbase Inc., XRP II and Circle Internet Financial, and charters to Gemini Trust Company and Paxos. However, they had denied many applications that did not meet the standards of DFS.
The company is active in crypto space since last fall with its bitcoin buying app “Cash”. Cash App now can be used to buy and sell Bitcoin in New York and other states.