Square applies for BitLicense and pushes bitcoin sales to New York ChainB.com

nOutbursts Comment: Comment: Square, a well-known credit card payment application company in the United States, has launched the Cash App Bitcoin trading function to most US users in January. However, when it was relatively strict in New York and Wyoming, it hindered the company from expanding its business. However, the latter subsequently abolished the money transfer law’s restrictions on cryptocurrency companies. At present, as long as it obtains a New York BitLicense license, it can be fully covered, but it is not clear what the specific schedule is.n
nTranslation: Annie_Xun
The digital payment company Square is applying for BitLicense in order to promote the option of buying Bitcoin in the Cash App to New York.n
The Square spokesperson confirmed the tweet posted on Tuesday, and the company is “engaging” in opening up Bitcoin sales to users in the region. The company did not immediately answer the following questions. It is not clear whether the application has been submitted or is planned.n
So far, only a handful of companies have obtained BitLicense, which is the regulatory framework that was first developed in 2015. This controversial move also led some companies to opt out of providing services in the state, but a recent state legislator’s statement showed that in order to eliminate some concerns, BitLicense may make some adjustments.n
In addition, with Wyoming through legislation to ease the burden on cryptocurrency service companies, the Cash App is now open to users in the state. Previously, cryptocurrency startups were largely away from the state, but this month’s move to free the companies from the Wyoming currency transfer law effectively removed the obstacles that these projects initiated.n
In January, the payment application introduced bitcoin functionality to almost all US users, but it did not include the more regulated states. At that time, New York and Wyoming were among them.n

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