San Francisco based digital payment company Square receives cryptocurrency license. It implies that all the residents of New York will be able to make transactions of Bitcoin through Cash. It is the mobile payment app which allows person-to-person money transfer. In an official updated it was confirmed that they have obtained the license from DFS, better known as New York’s Department of Financial Services.
According to The Hill, DFS did a comprehensive and detailed review of Square before issuing the Bitlicense. The agency keeps a watch on the cryptocurrency currency market regulators and their application policies from time to time. This is all being done in order to take precautionary measures against fraud, money laundering, security theft and consumer protection.
The organization was formed in 2015 for issuing BitLicense to regulate the crypto market space. Ever since then it has been receiving a huge number of applications from crypto-entrepreneurs for business opportunities. However, the agency has not been in rush to approve the grants. They are scrutinizing all the app and their policies carefully so as not to violate any norms.
Cryptocurrency Market Regulation In New York
New York is a huge cryptocurrency market which brings in huge business. The government bodies are regulating the market to keep a check on the growing prominence of virtual currencies like Ethereum and Bitcoin. He is a big-time supporter of digital assets within the crypto community.
CEO and founder of Square Jack Dorsey, is a crypto enthusiast. He stated in past about how internet is going to have its own native currency. Also, mentioned that he is a big fan of insanely popular cryptocurrency Bitcoin. Dorsey’s company Square is known for selling hardware devices to traders.
Immediately after the breaking news of Square obtaining Bitlicense came in the stock prices saw a jump of 2%. The prices of Square were lifted from $64 to more than $65 in fraction of seconds.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]