New York’s BitLicense was created in 2015 as a mechanism to govern businesses that allow customers to buy and trade cryptocurrency within the state. Some crypto enthusiasts, on the other hand, objected to the policy, saying it could make it harder for businesses to engage in cryptocurrencies. In response, authorities in New York offered a conditional BitLicense in 2020, ostensibly simplifying the process of obtaining the paperwork.
Companies are urged to receive a full BitLicense, since the rules state that those with a conditional license “will attempt to seek and obtain a full BitLicense in the future.” PayPal appears to have followed this advised approach, receiving a conditional BitLicense in 2020 and a full license two years later.
In an emailed statement to The Verge, New York DFS Superintendent Adrienne Harris said, “The virtual currency conditional license allows companies to have well-regulated access to the New York market through partnerships. with licensed businesses, ensuring New Yorkers have access to a wide variety of digital products with consumer protections in place. »
PayPal now allows users to send cryptocurrency to third-party wallets
PayPal is now introducing many new options for customers to engage with cryptocurrencies on its platform, in addition to announcing the approval of its BitLicense.
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Select customers in the United States (excluding Hawaii) can now send and receive cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash and Litecoin using PayPal, to other crypto wallets and exchanges.
PayPal also claims that customers can transfer cryptocurrencies to friends and relatives “without network fees”. In the coming weeks, more users in the United States will be able to use these services.