The New York State Department of Financial Services (DFS) has granted a virtual currency license to Square, a financial services company that already holds a money-transmitter license from the DFS.
The DFS said that it has granted the license following a comprehensive review of Square’s application, including the company’s anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies. The new licensee is subject to ongoing supervision by DFS.
Founded in 2009, Square is a mobile payment solutions provider. It provides tools that help sellers start, run, and grow their businesses – its hardware enables sellers to accept credit card and contactless payments, while software and other services help sellers manage inventory, locations, and employees; provide powerful business analytics; access financing; and utilize tools to engage with their customers.
Square’s Cash App provides customers with access to a range of financial services including a simple way to buy and sell Bitcoin.
“We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin,” said Brian Grassadonia, Head of Cash App. “Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.”
So far, the DFS has approved nine firms for virtual currency charters or licenses. It has granted licenses to Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, XRP II and Circle Internet Financial, and charters to Gemini Trust Company and Paxos (formerly itBit Trust Company).
