Square has had its application for a virtual currency licence approved by the New York State Department of Financial Services (NYDFS). Square currently holds a money-transmitter licence from NYDFS.
Square intends to implement its Cash App, which provides customers with access to a range of financial services including a way to buy and sell Bitcoin.
“NYDFS continues to work in support of 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,” says Financial Services Superintendent Maria T. Vullo.
