PURCHASE, N.Y.—Mastercard said it has received a BitLicense from the New York State Department of Financial Services, allowing the company to further expand its activities involving digital assets and related payment infrastructure.
According to Mastercard, its subsidiary, Mastercard Transaction Services (U.S.) LLC, was granted the license by the NYDFS, which oversees one of the nation’s most comprehensive regulatory frameworks for digital asset activities.
The company said the approval reflects its ongoing work with regulators and its efforts to meet regulatory requirements related to consumer protection, cybersecurity, financial integrity and operational resilience.
A Stringent Regime
New York’s BitLicense framework is widely regarded as one of the most stringent regulatory regimes governing digital asset businesses. Mastercard said the NYDFS has played a key role in providing regulatory clarity while fostering what it described as a safe and responsible environment for the growth of digital assets.
“Clear regulatory frameworks play an important role in building trust and confidence as new forms of digital value move from experimentation toward practical application,” Jorn Lambert, Mastercard’s chief product officer, said in a statement. “This approval underscores our focus on aligning innovation with regulatory expectations of high levels of security, compliance and risk management.”
Longer-Term Strategy
Mastercard said the license supports its long-term strategy of participating in the development of emerging payment and settlement infrastructure tied to digital currencies, including stablecoins and tokenized deposits.
The company said it intends to apply the same standards for security, compliance and risk management used across its global payments network as it expands its digital asset-related activities.
Mastercard added that it remains focused on improving interoperability, reliability and trust between traditional financial systems and emerging digital asset networks as the payments ecosystem continues to evolve.
