A month ago, the founder of Twitter and Square Jack Dorsey at the event Consensus 2018 said that the Internet is the native currency, and he hopes that it will be bitcoin. And on Monday, June 18, the company Square has received from the Department of financial services of new York (NYDFS) setlicense (Regulations) is a document that allows you to provide services for buying and selling bitcoin in the United States. It is reported by Fortune.
It was only the seventh setlicense issued during the past three years since the state decided on the regulation of bitcoin. During these years, the NYDFS has received dozens of applications, but approved only a small fraction of them. Among the other owners of bilicenii — Coinbase, Circle, Xapo, Genesis, bitFlyer and Ripple. Cryptocurrency Gemini platform and Paxos received a broader banking powers from the NYDFS.
Square is best known for his POS terminals. In January, the company added the feature of bitcoin payment in your own application Cash according to the results of a brief pilot program, which operated last fall. According to the financial report Square, income from payments by bitcoins earned her $34 million of revenue in the first quarter of 2018, however, this amount barely covered the money that was spent on the purchase of cryptocurrency. Thus, total income amounted to $223 000.
NYDFS stated that it gave Square permission, carefully checking how the company implements its policy on anti money laundering and fraud, consumer protection and cyber security.
Dorsey remains one of the most prominent supporters of bitcoin in the business community. He often speaks on the topic of virtual currencies, and his company earlier this year published a children’s book called “My first bitcoin and legend Satoshi Nakamoto”.
Amid news of bilicenii action Square rose by 2% (from $64 to $65).