Square Cash Adds BTC Buy/Sell Option For Wyoming Customers, ‘Working On’ New York
The Square Cash App, a mobile app formerly for sending just fiat currency that added a Bitcoin(BTC) sending option in late January 2018, has made BTC buying and selling available for Wyoming users. The app is working on adding the option for New York residents as well, currently in the process of applying for the state’s BitLicense.
Customers in the states of Wyoming, New York, Georgia, and Hawaii were originally excluded from the Cash App’s cryptocurrency option due to the states’ more stringent crypto regulations.
The Cash App tweeted on March 12 that Bitcoin transactions have now been added as an option for Cash App users in Wyoming. In response to a comment asking about New York, the app replied that they are “working on it:”
A Square spokesperson told Cointelegraph that the company has been working on adding users in the four exempted states since the option’s launch, with Wyoming being the first successful addition. They are continuing to work on getting the BTC option to users in Georgia, Hawaii, and New York.
For New York, the spokesperson said Square is currently in the process of applying for a BitLicense, a contested piece of legislation for crypto regulation that led to an exodus of crypto companies from the state when it was first implemented in 2015.
The news of the Cash App adding the BTC option for Wyoming customers comes a day after the state of Wyoming created a new class of assets defining cryptocurrencies as “utility tokens”. This new legislation means that developers and sellers of tokens don’t have to adhere to state securities laws if their tokens are not marketed as an investment and are only used for the exchange of goods and services.