Bitpay Acquires BitLicense In New York
According to reports this week, Bitpay, an international digital transaction processor, saw NY’s regulators granted a BitLicense to the company. Granted by the NYDFS, the new license will permit Bitpay to operate legally within New York State.
The NYDFS’ digital asset license will open the path for Bitpay to begin operating and engaging in with clients and firms for business. Businesses with NY will be able to accept BTC and BCH as payment methods through the major payment processor on a global scale.
The state financial regulator, in charge of monitoring and regulating the business industry within New York’s cryptosphere evaluated several factors regarding Bitpay’s application. Among these details included its compliance with the AML regulations, how it handled KYC protocols, as well as digital security and more prior to its BitLicense handover.
Stephen Pair, the companies head executive stated that NYS enforces one of the most robust regulations regarding business involvement with crypto. He adds that its intense policies including full cooperation with its verification protocols to be granted an operational license proved valuable to the company seeing as how its cooperation and hard work to obtain legalization now grants it access to NY’s lively business industry.
Bitpay’s new digital license makes it the eighth BitLicense holder from the finance department. As of now, the company holds its own license with others like Square, GGT, Coinbase, and Circle Internet.
Earlier this year, Coinbase, cryptocurrency exchange leader, said that its custodial services were terminated and was followed by a quick reply from CheapAir’s chief executive officer to instead turn to Bitpay’s digital wallet instead as an alternative.
During 2018, the company also collaborated with the biggest digital exchange platform in South Korea, Bithumb, as a means of entering the international payment market. Sonny Singh, commercial head at Bitpay stated that companies will now be able to exchange their invoices for cryptocurrencies like Bitcoin for faster finalization and much more cost-efficiently.