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Square’s Cash App Might Be Seeking a BitLicense, the Regulatory Authorization from New York for Cryptocurrency Businesses

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Square has lately been focusing on its peer to peer payment transfer solution, the Cash App.

Even though the payment solutions provider has not started fully fledged marketing operations for its new app, it is gradually establishing awareness to let people’s trust build over the application overtime while it tests its upgrading features, such as the support for Bitcoin buy and sell, which it had rolled out in January to all but four States in the U.S., namely New York, Georgia, Hawaii and Wyoming.

However, when the most recent legislation passed in Wyoming about the exemption of certain cryptocurrency assets from securities laws, Square quickly moved to introduce the Cash App’s Bitcoin functions within the State.

Seeing the triumph that only leaves 3 States out of its portfolio of offering all the features that it has, Cash App is now reportedly seeking the elusive BitLicense from the regulatory authorities in New York so that it could continue all of its operations within the State without any issues.

square, cash app, and bitlicense

While this was not officially confirmed, rumors have been circulating about Cash App trying to obtain the BitLicense, and a very brief Twitter post alluded towards the possibility that the rumors of Cash App wanting a BitLicense could be true.

When a user asked the app’s Twitter account about its Bitcoin operations in New York, the official account for Cash App confirmed that the company was “working on it.”

The BitLicense has been a source of criticism in the past with its very extensive measures of regulations that have reportedly left companies uninterested in the State rather than having to go through the requirements to obtain that license.

That is why, only a handful of institutions currently hold the BitLicense in New York.

However, with the recent news of those regulations being reformed, more and more companies seem to try their luck again, and it seems that it is essentially what the Cash App is doing here.

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