Famous cryptocurrency processing service BitPay announced on Monday, July 16 , about obtaining a license to work with virtual currencies in the state of new York. Also known as the Regulations, this licence is issued by the Department of financial services of new York (NYDFS) and gives its owners lead on-site staff activities related to cryptocurrencies.
BitPay is the first #blockchain payment processor to secure a virtual currency license from the New York Department of Financial Services #Fintech #Bitcoin https://t.co/C5cynOvx4d
— BitPay (@BitPay) 16 July 2018
As noted in the statement BitPay, NYDFS has carefully examined the request of the company, including its policies concerning measures to combat money laundering, customer identification, anti-fraud, cybersecurity. Also thorough the analysis was applied to the company’s financial position.
“The policy of the state of new York in respect of the related cryptocurrency businesses – one of the most severe, and go through the process of obtaining a license was very important for us. We believe that this work will pay off, as new York opens up significant business opportunities,” said BitPay CEO Stephen Pair.
Having Regulations, BitPay is now able to do business with based in new York city companies and consumers: the first will be able to use the processing service to accept payments in bitcoin and Bitcoin for Cash, second to pay through these two support cryptocurrency BitPay various goods and services.
Note that BitPay has become only the eighth company to receive Regulations. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbas., Ripple and Circle. In addition, special permits for operations with cryptocurrency have exchange Gemini and itBit.
Recall that in late June, the candidate for Governor of new York Larry Sharpe stated about his readiness to fight for the abolition of the Regulations, which, as known, subjected to fierce criticism from the wider cryptocurrency community.