The company of Jack Dorsey now has the right to provide services in the state.
The Square startup received the so-called BitLicense from the New York Department of Financial Services (DFS), Bitcoin.com reports.
«DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market», − the DFS representative Maria T. Vullo said. The application was filed in the spring of this year. The Department of Financial Services of the state explained that they had considered the Square business model including the measures to combat money laundering and the implementation of «Know Your Customer» (KYC) rule.
The company was founded in San Francisco by Jack Dorsey and Jim McCelvey in 2010. In November 2017 Square announced the possibility of buying and selling BTC through the Cash application for some customers and in February for all users.
New York was one of the few US states whose residents could not buy and sell BTC through the Cash app because the company had not BitLicense.
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