Mastercard Secures License to Handle Digital Assets in New York

Mastercard's transaction services division in the United States has obtained a special license from the New York State Department of Financial Services, Zamin.uz reported.

Known as the BitLicense, this permit allows major players in the payment systems market to legally conduct business involving digital assets regulated operations. The news sparked significant interest in the global financial community, as it is seen as an important step toward integrating traditional finance with cryptocurrencies.

While company leadership has officially announced the license acquisition, it is not currently rushing to launch new crypto products aimed at everyday consumers.

Instead, Mastercard is focusing on further improving its payment and accounting infrastructure related to digital assets.

The company's strategic plans prioritize developing systems for working with stablecoins and tokenized deposits, which will help ensure the security and speed of settlements conducted using digital money in the future.

New York State's BitLicense system is considered one of the strictest and most complex regulatory mechanisms in the U.S. Obtaining such a permit requires a company to demonstrate a high level of transparency and financial stability.

By securing this license, Mastercard has joined the ranks of influential technology firms such as Galaxy and Strike.

It is worth noting that in February of this year, in partnership with the MetaMask consortium, users were given the ability to spend their funds directly via crypto cards.

This significant development followed Mastercard's acquisition of BVNK, an infrastructure company valued at approximately two billion dollars.

The deal expands the possibilities of connecting traditional payment networks with modern blockchain transactions to a considerable extent.

Additionally, earlier this month, the company successfully completed its first transchegaravy operation linked to U.S. government bonds.

Currently, the digital assets market is growing at rapid pace, and new technologies in this sector are becoming an integral part of the global economy.