American startup developing solutions for the reception and processing of electronic payments Squareполучил official approval for the implementation of the crypto activities in the state of new York.
All the necessary documents to Regulations, the company filed in March, and yesterday on the official website of the Department of financial services new York (DFS) has information about the awarding of the Square license.
Before issuing a license, the DFS conducted a thorough review of the app Square, including policy AML/KYC and measures taken by the company to protect against attacks by cyber criminals. The new licensee will be under constant control of DFS.
Recall that Square has introduced the ability to accept payments in bitcoins in 2014, and last fall introduced the function of buying bitcoins through its Cash app that opened access to the cryptocurrency of a large number of users. To obtain a Regulations new York was the largest US market, on which Square did not have permission to implementation of cryptocurrency activities.
“We are pleased that we can now offer new Yorkers a quick and easy way of buying and selling bitcoins,” said Brian Grassadonia (Brian Grassadonia), the head of app Cash. — “Square and DFS of the state of new York share the vision of empowering people through giving them greater access to the financial system, and today’s event is an important step towards this goal.”
It should be noted that the entrance of the company in cryptoprocessor has already borne fruit. In may, Square announced that the revenue generated by cryptocurrency transactions in the application Cash amounted to 34 million dollars.
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