Square Digital Payment Company Obtains New York State Crypto License
Square, well-known digital payment firm, has acquired a license that will enable the citizens of New York state to purchase and sell Bitcoin via its movable payments application – Cash.
The firm declared that it had acquired the license from New York’s State Department of Financial Services (NYDFS).The firm is the ninth to get the license.
In an announcement NYDFS mentioned that it carried out a “comprehensive review” of the Cash app’s strategy on subjects and topics concerning anti-money laundering, anti-fraud, capitalization, consumer protection and cybersecurity programs. The financial observer indicated it will go on supervising the app’s transactions.
Twitter CEO Jack Dorsey who is also CEO and a establisher of Square, has been a cryptocurrency devotee commenting in the past that he is a “huge fan” of bitcoin and other digital assets.
Square is mainly known for its installation and apps that allow minor industry procedure credit card operations. Its Cash application also promotes mobile payments for businesses and friends.
In fact New York has been one of the most offensive states in the regulation of cryptocurrencies. The federal government and other states have been making their own steps to control digital coins like bitcoin and Ethereum as they increase in popularity.