NEW YORK, July 16 (Reuters) – 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.

With the BitPay approval, the DFS has now approved ten firms
for virtual currency charters or licenses for the state of New
York – Square, Xapo Inc, Genesis Global Trading Inc, bitFlyer
USA, Coinbase Inc, XRP II and Circle Internet Financial, and
charters to Gemini Trust Co and itBit Trust Co.

BitPay said numerous businesses around the world have signed
up with the company to accept bitcoin payments, including
companies such as Microsoft, Newegg, Namecheap, Gyft, Takeaway,
and Virgin Galactic.

Companies who accept bitcoin and bitcoin cash with BitPay
can enable transactions from any computer or mobile device, the
company said. As a push transaction, the user sends the exact
amount of bitcoin or bitcoin cash needed to pay the bill and
minimizes the incidence of traditional credit card fraud and
identity theft.
(Reporting by Gertrude Chavez-Dreyfuss
Editing by Phil Berlowitz)