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BitPay, the first bitcoin payment processor, has obtained a coveted license to handle cryptocurrency in New York.
BitPay has been granted a virtual currency license by the New York State Department of Financial Services (NYDFS). eighth company of this kind to obtain permission to operate in the state.
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BitPay is a payment processor for Bitcoin and Bitcoin Cash. The company specializes in creating merchant accounts to accept cryptocurrency payments.
BitPay obtained the license after the NYDFS reviewed policies against money laundering, fraud, capitalization, consumer protection and cybersecurity. this resident, New York-based companies can take advantage of its new position to accept Bitcoin and Bitcoin Cash to make / accept purchases globally.
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To maintain a cryptocurrency license, a vendor must fulfill various reporting requirements and comply with standards on consumer protection.
While the US authorities have been relatively active in cryptocurrency, the local industrial community has with contradictory speeches different regulators and different state legislatures.
In this context, New York is the only state that requires companies selling digital badets to obtain a license to operate. The Empire State has established strong state regulation, but this approach has been widely criticized by the crypto community for being one of the most stringent laws governing this type of business.
The news follows other similar stories of progress for Bitcoin companies In the United States, the regulation of cryptocurrency is still largely state by state.
Commenting on the news, Stephen Pair, CEO of BitPay, said, "The state of New York has one of the most stringent cryptocurrency policies and work through the processes of money laundering. Approval to obtain a license was important for BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay. "
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