Square Plans to Expand Cash App, Enable Bitcoin Buying in New York
Digital payments giant Square says it’s working to expand its Cash App to allow users in New York to buy Bitcoin.
News of the expansion began to swirl after Square’s Cash App twitter account responded to a question about its enterprise in the Big Apple.
To do Bitcoin-related business in the state, the company will have to apply for a BitLicense, which is a set of regulations imposed by New York’s Department of Financial Services. When the state first started requiring the license back in 2015, it triggered an avalanche of crypto companies that decided to leave New York.
Today, Democratic State Assembly lawmaker Ron Kim unveiled a proposal to lighten the bureaucratic load on cryptocurrency businesses based in New York.
The bill is designed to remove much of the bureaucratic red tape on crypto-related businesses as it “prohibits licensing fees to conduct such cryptocurrency business activity.”
It’s the first blockchain-related proposal to make it all the way past various committees and into the legislative branch for consideration.