Regulations No. 8: BitPay becomes the first crypto operator in the state of new York

The operator cryptocurrency payments company BitPay became the eighth organization under Regulations from the Department of financial services of the state of new York (NYDFS).

On Monday, the Department announced that it conducted a «comprehensive inspection» in relation to the compliance of the company with the principles of the fight against money laundering and fraud, as well as in relation to its capitalisation policy, consumer protection and cybersecurity, and then the BitPay application was approved.

«DFS welcomes BitPay and expanding on the regulated market of virtual currencies in new York, said superintendent of financial services Maria T. Vullo, we are working to support an active and competitive market of virtual currency that unites residents of new York with a global market, while ensuring strict regulated by the state supervision».

Now BitPay can process the cryptocurrency payments for merchants and residents of the state of new York. In addition, the license gives the company the right to issue crypto debit cards within the state. Currently, founded in 2011, BitPay supports BTC and BTH.

BitPay was the first independent operator cryptocurrency payments with Regulations. The exchange is Coinbase, which received a license in 2017, also functions as a platform for sellers, but its core business is focused on the cryptocurrency trade.

«New York adheres to a very strict policy towards cryptocurrency companies and the process of obtaining a License was very important for BitPay, says the leader of BitPay Stefen Pair (Stephen Pair), we believe that our work will pay off, as new York is for business BitPay great opportunities».

BitPay became only the eighth company to receive Regulations, despite the fact that this legislative standard valid from 2015. Interestingly, half of all permits NYDFS approved last month — maybe this indicates the softening attitude of the regulator to innovation, but capotasto maturing industry.

Among other holders of the coveted license NYDFS include company Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple (through its subsidiary XRP II) and Circle. Gemini and Paxos (formerly itBit) received from the NYDFS benefits, but was not fully licensed.

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