Bitpay, the service for crypto processing, is said to get the permission to deal with virtual currencies in New York state.
On July 16, New York State Department of Financial Services issued the license called BitLicense, under which Bitpay became able to run crypto business in the NY state. BitPay commented that the regulator carefully checked the company's AML, anti-fraud and other protection policies at first and then decided to grant the license. In addition, the financial position was also reviewed.
Notably, NY state is said to have one of the strictest rules for the crypto business.
"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...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,” told to media Stephen Pair, Bitpay CEO.
As a result, this license enables the company to cooperate with Nw York-based clients. Specifically, local companies will be able to use processing services for transactions in Bitcoin and Bitcoin Cash, while consumers will make payments for goods and services via Bitcoin and Bitcoin Cash.
Along with Bitpay, DFS has granted 10 licenses in total. Among the companies, Gemini and itBit exchanges also received the green light for crypto business.