NY Financial Services Dept. Grants Virtual Currency License to Blockchain Payment Processor
The licensing follows a review by the DFS of BitPay's anti-money laundering, anti-fraud, capitalization, consumer protection and cybersecurity policies.
July 16, 2018 at 02:26 PM
2 minute read
Credit: 3Dsculptor/Shutterstock.com The New York State Department of Financial Services announced on Monday that BitPay Inc. has been approved for a virtual currency license by the state. BitPay is the first blockchain payment processor to obtain such a license from the state, the company said on Twitter. The licensing follows a review by the DFS of BitPay's anti-money laundering, anti-fraud, capitalization, consumer protection and cybersecurity policies. Those policies were detailed on the company's application for the license, the DFS said. “DFS welcomes BitPay to New York's expanding and well-regulated virtual currency market,” said Maria Vullo, superintendent of the DFS. “We continue to work to support a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.” The license will allow BitPay to facilitate payment in bitcoin between merchants and consumers in New York state. It will also allow businesses in New York to accept bitcoin and bitcoin bash from users globally through BitPay. The company also controls subsidiaries in Brazil, Netherlands, the United Kingdom and Canada. “This is an important milestone for BitPay to secure the virtual currency license from the New York Department of Financial Services and be the first non-exchange to do so,” said Stephen Pair, CEO of BitPay. “We believe this gives businesses not only in New York but across the country confidence that blockchain technology offers clear benefits to businesses engaged in e-commerce and cross border transfers.” BitPay is the 10th company to be approved for a virtual currency charter or license, according to the DFS. Square Inc., Xapo Inc., Genesis Global Trading Inc., bitFlyer USA Inc., Coinbase Inc., XRP II and Circle Internet Financial Ltd. have also been granted licenses. Gemini Trust Co. and Paxos have been approved for charters.
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