New York State Grants Virtual Currency License to BitPay
BitPay, a bitcoin payment processor has received its Virtual Currency License from the New York Department of Financial Services(DFS). This is something not a lot of crypto firms in the state have achieved since the license was first introduced in 2015.
BitPay was founded in 2011 and offers a wide range of products. It allows businesses to send and receive international payments, enables consumers to manage their digital assets through the BitPay Wallet and convert digital assets into dollars with the BitPay prepaid Visa Card.
With the Virtual Currency License, BitPay can now ‘transact business with companies and consumers based in New York.’ as announced by a press release by DFS.
This license allows BitPay to offer clearing and settlement services to merchants that are interested in making payments in bitcoin or accepting payments in bitcoin. Therefore, New York based businesses can now ‘leverage BitPay to accept Bitcoin and Bitcoin Cash for purchases from users globally and residents with bitcoin and bitcoin cash will be able to make payments through BitPay.
The DFS emphasized that they granted BitPay this license after a comprehensive review of their application including policies such as anti-money laundering, anti-fraud, know your customer, capitalization, and cybersecurity policies.
Stephen Pair, the CEO of BitPay said,
New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
BitPay is the eight crypto related firm in the state that has received this license. Last month the payment company Square, Inc. and digital financial services firm Xapo, Inc. received the same license. Founded in 2011, BitPay has become a world leading payment processor of BTC and BCH and this license helps it to further grow its business.
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