BitPay announced the company has received its Virtual Currency License from the New York Department of Financial Services, which governs rules for virtual currency business activity in New York.

The license enables BitPay to transact business with companies and consumers based in New York. Businesses based in New York can leverage BitPay to accept bitcoin and bitcoin cash for purchases from users globally. Further, residents with bitcoin and bitcoin cash are able to make purchases, according to a press release.

The Department of Financial Services conducted a comprehensive review of BitPay's application, including the company's anti-money laundering, know your customer, anti-fraud, capitalization, and cybersecurity policies, according to press release.

"New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay," Stephen Pair, CEO of BitPay, said in the press release. "We believe this hard work will pay off as New York presents significant business opportunities for BitPay."

BitPay is the eighth company to receive a virtual currency License from the Department of Financial Services in New York joining the ranks of Square, Xapo Inc., Genesis Global Trading Inc., bitFlyer USA, Coinbase Inc., XRP II and Circle Internet Financial, and charters to Gemini Trust Company and Paxos (formerly itBit Trust Company).