BitPay, a bitcoin payment service provider, has secured a virtual currency licence from the New York State Department of Financial Services (DFS).

The licence was awarded following a review of the company’s anti-money laundering, anti-fraud, cyber security and consumer protection policies.

The move will allow BitPay to offer clearing and settlement services to merchants who will accept or issue payment in Bitcoin.

With the latest approval, the number of firms granted virtual currency charters or licences by DFS increases to ten.

DFS superintendent Maria Vullo said: “DFS welcomes BitPay to New York’s expanding and well-regulated virtual currency market.

“We continue to work to support a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.”

BitPay will be able to do business with all New York-based companies and consumers, while the local businesses and residents can utilise BitPay to accept Bitcoin and Bitcoin Cash for making any purchases globally.

BitPay CEO Stephen Pair said: “We believe this gives businesses not only in New York but across the country confidence that blockchain technology offers clear benefits to businesses engaged in ecommerce and cross border transfers.”

BitPay’s product suite enables businesses to send and receive cross-border payments. Customers can manage their digital assets using BitPay Wallet and convert them into dollars with the BitPay Prepaid Visa Card.