The New York State Department of Financial Services ("NYDFS") approved PayPal Inc.'s ("PayPal") application for a conditional Bitlicense. The NYDFS's action builds on its series of virtual currency initiatives launched in June (see previous coverage). PayPal is the first company to receive such a license from the NYDFS. In partnership with Paxos Trust Company, which was approved by the NYDFS in September 2019 to offer a gold-backed virtual currency in New York State (see previous coverage), PayPal launched a service allowing customers to purchase, sell and hold certain virtual currencies.
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