The payments giant can now legally conduct digital asset business activity in New York as it deepens its focus on blockchain-based settlement systems.
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.
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