Square receives New York state cryptocurrency license

Square receives New York state cryptocurrency license
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The digital payment company Square has obtained a license that will allow New York state residents to buy and sell Bitcoin through its mobile payments app, Cash.

The company announced on Monday that it had received the license from New York’s Department of Financial Services (DFS). It is the ninth company to receive the license.

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The DFS said in a statement that it conducted a “comprehensive review” of the Cash app’s policies on matters regarding anti-money laundering, anti-fraud, capitalization, consumer protection and cybersecurity policies. The financial watchdog said it will continue to supervise the app's operations.

Jack Dorsey, the founder and CEO of Square, is a cryptocurrency enthusiast, saying in the past that he is a “huge fan” of bitcoin and other digital assets.

Square is primarily known for its devices and apps that let small businesses process credit card transactions. Its Cash app also facilitates mobile payments for businesses and friends.

New York has been one of the most aggressive states in the regulation of cryptocurrencies. The federal government and other states have been making their own moves to regulate digital coins like bitcoin and Ethereum as they grow in prominence.