July 17, 2018 161By Robert Johnson
“New York State has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a license was important to BitPay.Pair then went on to say:
“We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”As a worldwide crypto payment processor, BitPay enables users to pay or charge for goods and services in either Bitcoin cash or Bitcoin. After it was founded in 2011, BitPay has stretched its services as one of the leading merchants in the industry on six continents. The DFS have said that they believe BitPay is the first digital currency which is a wholesale payments processor that has been granted with a license by New York State. Maria T. Vullo, Financial Services Superintendent, stated this:
“DFS welcomes BitPay to New York’s expanding and well-regulated virtual currency market. We continue to work to support a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace whilst ensuring strong state-regulatory oversight is in place.”DFS said they conducted an accurate review of BitPay application before they granted them with the BitLicense including BitPays anti-fraud, capitalisation, consumer protection, anti-money laundering and cyber security policies. Despite being granted with a license DFS will be keeping them under supervision for a while.