The New York Department of Financial Services (DFS) said on Monday it had granted a virtual currency license to bitcoin payments processor BitPay. BitPay, which was founded in 2011, is authorized to offer clearing and settlement services to merchants willing to accept payment in bitcoin or issue payments in bitcoin.
It is the first virtual currency wholesale payments processor to be approved for a license, the DFS said. In a statement, DFS said it has conducted a comprehensive review of BitPay's application, including the company's anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies. The new licensee is subject to ongoing supervision by DFS.
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