A company associated with Cash App, a popular app led by Twitter founder Jack Dorsey that can be used to transfer money, buy stocks and trade bitcoins, has been granted a licence in Bermuda by the Bermuda Monetary Authority.

It was not clear yesterday whether the digital asset business licence, granted on February 17, would allow local users to use the popular app, which was previously known as Square Cash.

The licence, issued to Cash App World Ltd, permits the company to issue, sell and redeem virtual coins, tokens or any other form of digital assets, operate as a payment service provider business utilising digital assets including the transfer of funds, operate as a digital asset exchange and provide custodial wallet services.

Cash App is only available for users in the United States and Britain, according to its website, but is considered to be one of the most popular finance apps in the world. It has 55 million people users.

Part of its appeal is that it charges low or no fees for many transactions, unlike most physical banks.

Wayne Caines, PLP backbencher, said in the House of Assembly on Monday that the announcement had made waves on social media.

He said he was called by his daughter earlier that day who sent him a raft of excited Twitter posts about CashApp coming to the island.

“She said this is a way that people who are struggling with finances can exchange money with each other without huge banking fees,” he said. “She said her friends were going wild that Bermuda is getting CashApp.

“I’m looking and not only are they excited that they are getting CashApp but they are acknowledging that the Government is taking the country in the right direction and doing something that is meeting the needs of young banking people in Bermuda.”

Mr Caines said that because of the lack of fanfare it was easy to forget the amount of inroads made in the digital asset space.

While he said the timeline for the introduction of the service has yet to be unveiled, it was something that speaks well for the future.

David Burt, the Premier and Minister of Finance, confirmed that CashApp World had become the 17th digital asset business to get a licence from the Bermuda Monetary Authority.

“The Cabinet has known about this for a while,” Mr Burt said. “I certainly have known about it for a while, but what is important is that this Government respects the companies that come to Bermuda.

“Though I cannot say I can disclose anything about what CashApp may have planned, what I can say is that I am pleased to have the endorsement of Bermuda’s digital asset regime by such a significant player.

“Certainly more details will follow from the company as they look to operationalise their presence.”