Mastercard Transaction Services (US) LLC has been granted a BitLicense by the New York State Department of Financial Services, placing one of the world's largest payment networks inside the state's crypto regulatory framework.
The BitLicense covers virtual currency business activities in New York, including transmission, storage, and conversion of digital assets. It is one of the strictest crypto licensing regimes in the country.
The approval follows a series of moves by Mastercard into digital asset infrastructure. The company recently partnered with Chainlink to connect its network of 3.5 billion cards to onchain crypto purchases. It also acquired London-based stablecoin infrastructure platform BVNK in a deal reportedly valued at $1.8 billion. BVNK supports transactions across major blockchain networks in over 130 countries.
Visa has been making similar moves in the stablecoin space. Both major card networks appear to be positioning themselves as intermediaries between traditional finance and digital assets.
The BitLicense covers virtual currency business activities in New York, including transmission, storage, and conversion of digital assets. It is one of the strictest crypto licensing regimes in the country.
The approval follows a series of moves by Mastercard into digital asset infrastructure. The company recently partnered with Chainlink to connect its network of 3.5 billion cards to onchain crypto purchases. It also acquired London-based stablecoin infrastructure platform BVNK in a deal reportedly valued at $1.8 billion. BVNK supports transactions across major blockchain networks in over 130 countries.
Visa has been making similar moves in the stablecoin space. Both major card networks appear to be positioning themselves as intermediaries between traditional finance and digital assets.
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