The New York State Department of Financial Services has approved Square Inc.'s application for a virtual currency license in the state.

The payment company first allowed some customers to buy and sell bitcoin on its Cash app in November 2017 and made it available to all customers two months later in January.

With the license, Square now has access to New York's "expanding and well-regulated virtual currency market," Superintendent Maria Vullo said.

Square also holds a money-transmitter license from the regulator.