Mobile payments company Square Inc. is doubling down on its cryptocurrency play by applying for a Bitlicense to allow it to trade bitcoin in New York.

Launched in 2015, the Bitlicense has often been controversial in the bitcoin community because of its strict regulations, causing some companies to flee the state following its introduction. But others have viewed it as the gold standard of regulatory approval. The theory goes that if you can get approval to trade in New York, you can get approval just about anywhere.

Given the hurdles required to obtain a Bitlicense, only a few companies have gone down the path, most notably Circle Inc. in September 2015.

Square’s decision to apply for one is reported to be an attempt to expand its Cash app’s bitcoin buying option to New York. Square started testing support for bitcoin in its Cash app in November before announcing expanded support for bitcoin trading within its app to most users in January.

The service allows Square customers to buy and sell bitcoin but does not currently support the cryptocurrency as a payment option. Users are restricted to buying a maximum of $10,000 in bitcoin per transaction and the service was previously not available to users in New York, Georgia, Wyoming and Hawaii. Should the Bitlicense be granted, New York will no longer be on that list.

Coindesk reports that Square has recently extended support to Wyoming after the state passed legislation that “eases the burden on companies that provide cryptocurrency services.”

Image: Square