Mastercard secures New York BitLicense for crypto operations
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Mastercard’s US transaction services unit has received a BitLicense from the New York State Department of Financial Services (NYDFS), allowing the payments giant to conduct regulated digital asset business activity in the state. The company announced the license approval on Wednesday, but did not unveil any new consumer-facing crypto products. Instead, Mastercard said it plans to continue developing payment and settlement infrastructure tied to digital assets, focusing specifically on stablecoins and tokenized deposits. New York’s BitLicense is widely regarded as one of the strictest state-level crypto regulatory frameworks in the United States. Companies offering certain crypto-related financial services to New York residents are generally required to obtain the license. Mastercard joins a growing list of companies that have recently secured a New York BitLicense as regulatory clarity around digital assets continues to evolve in the United States. Earlier this year, crypto financial services company Galaxy received approval to expand its institutional digital asset offerings in the state. Bitcoin payments company Strike, led by Jack Mallers, obtained both a BitLicense and money transmitter licenses to support its Bitcoin (BTC) focused payment services in New York. The BitLicense isn’t Mastercard’s first crypto-related expansion in New York. In February, MetaMask introduced a Mastercard-enabled payment card in the state that allows users to spend crypto directly from their self-custodied wallets at merchants that accept Mastercard. Related: Mastercard launches crypto partner program with a ‘who's who’ of industry The BitLicense approval follows Mastercard’s recent acquisition of the stablecoin infrastructure company BVNK, valued at up to $1.8 billion. Expected to close later this year, the transaction included up to $300 million in performance-based payments and is aimed at strengthening the payments processor's ability to connect traditional payment networks with blockchain-based transactions. The acquisition came months after crypto exchange Coinbase and BVNK mutually agreed to end takeover discussions. Earlier this month, Mastercard also said it completed its first cross-border US Treasury transaction on the XRP Ledger, underscoring the company’s growing focus on tokenized financial assets. Excluding stablecoins, the tokenization market is currently valued at more than $33.8 billion, according to industry estimates. Related: Crypto Biz: Wall Street wants more than just Bitcoin
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Mastercard's US transaction services unit has secured a BitLicense from the NYDFS, allowing it to conduct regulated digital asset business in New York. This approval signals Mastercard's focus on developing payment and settlement infrastructure for stablecoins and tokenized deposits.
상승 영향
- Digital Assets — Regulatory approval for a major financial institution in a strict jurisdiction like New York enhances the legitimacy and institutional adoption of digital assets, reducing regulatory uncertainty.
- Stablecoins — Mastercard's BitLicense acquisition and BVNK purchase demonstrate a strong commitment to developing stablecoin payment and settlement infrastructure, increasing their utility and adoption.
- Tokenized Assets — Mastercard's focus on tokenized deposits and US Treasury transactions accelerates the growth of the real-world asset tokenization market and creates demand for related infrastructure.
- Payment Processing/Fintech — Mastercard's expansion into digital asset infrastructure strengthens its position by bridging traditional finance and blockchain, securing a competitive edge in the evolving payment landscape.
- Blockchain Infrastructure — Mastercard's efforts in developing digital asset payment and settlement infrastructure will increase demand for underlying blockchain technologies and solutions that support stablecoins and tokenized assets.
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