Square acquires crypto licence in NYC
Square has had its application for a virtual currency licence approved by the New York State Department of Financial Services (NYDFS). Square currently holds a money-transmitter licence from NYDFS.
Square intends to implement its Cash App, which provides customers with access to a range of financial services including a way to buy and sell Bitcoin.
“NYDFS 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,” says Financial Services Superintendent Maria T. Vullo.
NYDFS reviewed Square’s application, including the company’s anti-money laundering (AML), anti-fraud, capitalisation, consumer protection, and cybersecurity policies. The new licensee is subject to ongoing supervision by NYDFS.
Square’s hardware enables sellers to accept credit card and contactless payments. Its software and other business services help sellers manage their business and provide analytics.
Square is one of Jack Dorsey’s most prominent ventures, aside from Twitter.
NYDFS has now approved nine firms for virtual currency charters or licences, while denying those applications that did not meet NYDFS’s standards.
Other licensees are Xapo, Genesis Global Trading, bitFlyer, Coinbase, XRP II and Circle Internet Financial, and chartered firms are Gemini Trust Company and Paxos.
