Cryptocurrency payment system BitPay has received a license Regulations from the new York regulator. The company announced Monday, July 16.
The issuance of the license was engaged in regulating the use of the digital currency business by the Department of financial services of the state of new York (NYDFS). Regulations will allow BitPay to carry out its activities throughout the state, working with local clients and companies. New York entrepreneurs will be able to use the services of the payment system and receive payment from users around the world in bitcoin (BTC) Bitcoin or Cash (BCH).
Before issuing a license, NYDFS checked BitPay internal rules for compliance with the requirements to combat money laundering and fraud, information security policy and compliance with “know your customer” (Know Your Customer or KYC). As stated by the head of the company Stephen Peyre (Stephen Pair), despite the fact that new York is known for its strict regulation of the cryptocurrency sector, the license was strategically advantageous.
“We are confident that this hard work will pay off, because BitPay gets in new York significant commercial opportunities,” added Peyre.
The company became the eighth among those NYDFS issued Regulations. Until that license is received payment startup Square, the American unit of the crypto currency exchange bitFlyer, the exchange Coinbase and others.
Also from April BitPay added support for Bitcoin Cash (BCH) in your application Bitcoin Checkout is designed to obtain cryptocurrency payments on a mobile device. Prior to this, the company worked only with bitcoin.
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