Square seeks BitLicense to bring Bitcoin to New York


NYC - Square seeks BitLicense to bring Bitcoin to New York

The digital payment company Square is filing an application for BitLicense to extend Bitcoin's option to purchase its Cash app in New York.

A Square spokeswoman confirmed the process following a tweet on Tuesday that suggested the company was "working on" opening up bitcoin purchases and selling to users in that area. The company did not immediately respond to a supplementary question as to whether Square had already applied or was preparing to do so.

To date, only a few companies have been granted a BitLicense, the regulatory framework created in 2015. The controversial launch eventually prompted a number of companies to stop offering services in the company. 39 State, although state lawmakers indicates that BitLicense may see some revisions to alleviate some of these concerns.

In addition, the Cash app is now available to users in Wyoming, following the adoption of legislation in the state that eases the burden on companies that provide crypto services -change. Previously, crypto startups remained largely out of the state, but the decision taken this month to exempt these companies from passing Wyoming money laws allowed to release the track for such launches.

The payment application had previously deployed bitcoin features for most US users in January, excluding customers in four states with stricter regulations, including Wyoming and New York.

Report by Michael del Castillo.

Skyline image of New York via Shutterstock

Leader in blockchain information, CoinDesk is a media that strives to meet the highest standards of journalism and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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