Time and again Twitter CEO and Square founder Jack Dorsey has repeatedly shared his enthusiasm for digital currencies especially Bitcoin.
And now Jack Dorsey’s company Square Inc., has been awarded a coveted license to deal in cryptocurrencies in New York. Square Inc., is a payments company founded and run by Twitter CEO Jack Dorsey.
New York State Department of Financial Services (NYDFS) has finally granted Square a BitLicense, becoming only the ninth such firm to win approval to operate in the state. It now legally operates as a money transmitter and digital currency exchange, according to a company statement.
In order to maintain BitLicense license, a provider must fulfill various reporting requirements and comply with standards on anti-money laundering, cybersecurity and consumer protection.
New York is the only state that requires firms dealing in the digital assets to obtain a license to operate.
Square founder and Twitter CEO, Jack Dorsey firmly believe in Bitcoin that soon in less than 10 years time, bitcoin will be the world’s single.