Global card company Mastercard has secured a license for virtual asset (digital asset) operations from the New York State Department of Financial Services (NYDFS). This enables them to conduct business under the oversight of New York State, which is renowned for its stringent regulations on virtual assets in the United States.
On Wednesday, CoinDesk reported that Mastercard had obtained a BitLicense through its subsidiary, Mastercard Transaction Services. This move is part of their strategy to expand blockchain-based payment and settlement infrastructure.
The BitLicense, established in 2015, imposes strict standards on virtual asset companies, including requirements for capital reserves, anti-money laundering (AML) measures, and user protection. Companies that receive this license are subject to ongoing supervision by the NYDFS.
Over the past decade, only about 20 companies have managed to obtain this license. Galaxy, a virtual asset financial services firm, also recently acquired its BitLicense earlier this month. In March, the Bitcoin payment app Strike received approval as well.
Mastercard’s acquisition of this license aligns with its strategy to expand its stablecoin business. The company aims to support digital currency strategies, including stablecoins and tokenized deposits, while maintaining regulatory compliance and operational standards on par with existing global payment networks.
In fact, Mastercard agreed to acquire the stablecoin payment company BVNK for 1.8 billion USD in March.
Jorn Lambert, Mastercard’s Chief Product Officer (CPO), emphasized that a clear regulatory framework is essential for building trust as new forms of digital value transition from experimental stages to practical applications.