New York State Approves Grant of Virtual Currency License for Bitpay

July 28, 2018

3 min read

Gaining any cryptocurrency related license is getting harder by the day. It’s not impossible as was seen when a thorough and comprehensive review of cryptocurrency payment processor Bitpay took place leading to obtaining the relevant virtual currency license called ‘Bitlicense.’

It was carried out by the New York Department of Financial Services.

The BitLicense is a formal business license for New York-based cryptocurrency businesses. It has heavy terms and conditions allowing firms to use cryptocurrencies legally. It was first introduced three years ago to provide a more systematic and legal approach for cryptocurrencies businesses to follow.

The approval was publicly announced through Bitpay’s twitter, which read:

BitPay is the first #blockchain payment processor to secure a virtual currency license from the New York Department of Financial Services #Fintech #Bitcoin https://t.co/C5cynOvx4d

— BitPay (@BitPay) July 16, 2018

Stephen Pair, CEO of Bitpay on the official press release expressed his delight. He said:

“This is an important milestone for BitPay to secure the virtual currency license from the New York Department of Financial Services and be the first non-exchange to do so. We believe this gives businesses not only in New York but across the country confidence that blockchain technology offers clear benefits to businesses engaged in ecommerce and cross border transfers.”

Bitpay was founded in 2011 and is currently the largest Blockchain payments provider globally. Customers use it to pay for goods and services of merchants who accept cryptocurrencies on a 1% transaction charge.

Bitpay now only becomes the 8th company to be granted the Bitlicense which helps in its quest to compete against the best in the industry.

The other seven cryptocurrency companies with licenses include: