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BitLicense

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designed for companies. The regulations are limited to activities involving the state of New York or a New York resident. People residing in, located in, having a place of business in, or conducting business in the State of New York count as New York Residents under these regulations. The license was
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On June 24, 2020, DFS proposed a new conditional licensing framework that makes it easier for start-ups to enter the New York market. Under the proposed conditional licensing framework, entities may apply for a conditional license when partnering with an existing entity authorized by
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receiving virtual currency for Transmission or Transmitting virtual Currency, except where the transaction is undertaken for non-financial purposes and does not involve the transfer of more than a nominal amount of virtual
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On December 11, 2019, the NYDFS proposed a revision to BitLicense whereby a licensee can offer any coin from a public list on the NYDFS website. The revision is still pending.
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to define virtual currency. Justice St George heard the case on October 10, 2017 and dismissed the case on December 27, 2017. The case is currently on appeal.
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on July 23, beginning a 45-day comment period. On February 25, 2015, a revised proposal notice was published, beginning another 30-day comment period.
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In November 2018, Texas-based Coinsource, an operator of Bitcoin Teller Machines, was awarded the twelfth virtual currency license or charter.
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was granted the first BitLicense, although in December 2016 the company had pivoted away from its bitcoin exchange to focus more on payments.
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On July 17, 2014, the department released details on a proposed "BitLicense", which places regulations on any company or person that uses
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merchants and consumers that utilize virtual currency solely for the purchase or sale of goods or services or for investment purposes.
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Two virtual currency limited purpose trust company charters were approved by the NYDFS in 2015, the first in May 2015 to itBit, now
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In October 2015, an article 78 was filed in the Supreme Court of the State of New York challenging the authority of the
2603: 693:"DFS CONTINUES TO FOSTER RESPONSIBLE GROWTH IN NEW YORK'S FINTECH INDUSTRY WITH NEW VIRTUAL CURRENCY PRODUCT APPROVALS" 278: 2744: 1289: 993:"Press Release - November 14, 2018: DFS Grants Virtual Currency and Money Transmitter License to NYDIG Execution, LLC" 2938: 2004: 1449: 1343: 1484: 478: 3004: 2344: 1530: 1145:"Press Release - May 06, 2020: DFS Grants Virtual Currency and Money Transmitter Licenses to Eris Clearing, LLC" 2439: 1954: 1788: 600: 1391: 3043: 2918: 2349: 1631: 1192: 1168: 215:, LLC, a subsidiary of Social Finance, Inc. was awarded a BitLicense as well as a money transmitter license. 1169:"Press Release - June 24, 2020: DFS Superintendent Lacewell Launches Series of Virtual Currency Initiatives" 515: 401: 2395: 2054: 1805: 1120: 1096: 1045: 992: 771:"Press Release - June 13, 2016: DFS Grants Virtual Currency License To XRP II, LLC, an Affiliate of Ripple" 770: 57:
The regulations define virtual currency business activity as any one of the following types of activities:
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The two following activities are excluded from the definition of virtual currency business activity:
1271: 3016: 2963: 2883: 1928: 1326:"New York Regulator Finalizes First-Of-Its-Kind Plan To Govern Virtual Currency With "BitLicense"" 1017:"January 24, 2019: DFS CONTINUES TO ADVANCE RESPONSIBLE INNOVATION IN NEW YORK'S FINTECH INDUSTRY" 208:'s application, citing concerns over capital requirements and lax anti-money laundering controls. 2641: 2517: 2502: 2256: 2117: 496: 452: 329: 100: 2898: 2631: 2474: 2459: 2444: 2370: 2311: 2270: 1989: 1882: 156: 1217:"Benjamin Lawsky unveils New York's historic BitLicense framework - New York Business Journal" 379: 355: 2953: 2908: 2568: 2538: 2479: 2291: 2265: 2009: 1994: 1778: 1712: 1667: 1626: 1510: 1442: 221:
In May 2020, Eris Clearing, LLC, a subsidiary of ErisX, secured a Virtual Currency License.
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storing, holding, or maintaining custody or control of virtual currency on behalf of others;
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On June 13, 2016, XRP II, LLC, an affiliate of Ripple Labs, was approved for a BitLicense.
8: 2754: 1590: 1234: 237: 187: 132: 848:"DFS Continues Actions to Support Responsible Innovation in New York's Fintech Industry" 2558: 2512: 2063: 2034: 2014: 1835: 1773: 1580: 1469: 855: 430: 319:"Regulations of the Superintendent of Financial Services, part 200: virtual currencies" 42: 2815: 2296: 2024: 2019: 1727: 1682: 367: 1144: 427:"NYDFS Releases Proposed BitLicense Regulatory Framework for Virtual Currency Firms" 2973: 2923: 2903: 2759: 2739: 2709: 2434: 2429: 2410: 2167: 1918: 1841: 1585: 1545: 1435: 1024: 971: 942: 913: 884: 823: 802: 700: 125: 112: 25: 21: 1540: 725: 670: 2943: 2893: 2704: 1857: 1813: 1652: 1560: 1308:"New York Outs Final BitLicense For Bitcoin And Other Digital Currency Companies" 1235:"Fmr New York bitcoin watchdog can't help bitcoin startups get license - Fortune" 464: 261:"NY Financial Regulator Lawsky Releases Final BitLicense Rules for Bitcoin Firms" 38: 98:
residing in New York. The proposed regulations were officially published in the
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was the first entity approved for a conditional license in partnership with
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New York State Department of Financial Services (July 17, 2014).
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In November 2018, New York-based institutional Bitcoin provider
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On 22 March 2017, Coinbase was awarded the second BitLicense.
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development and dissemination of software in and of itself;
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buying and selling virtual currency as a customer business;
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controlling, administering, or issuing a virtual currency.
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performing Exchange Services as a customer business, or;
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In January 2019, Robinhood Crypto LLC, a subsidiary of
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BitPay was awarded the eighth BitLicense in July 2018.
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companies announced they were stopping all business in
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On April 9, 2019 Bitstamp USA, Inc., a subsidiary of
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It came into effect on August 8, 2015. At least ten
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No. DFS-29-14-00015-P. 279:"New York lays out requirements for a 'BitLicense'" 353: 747:"New York State Supreme Court Hearing Transcript" 229:to engage in virtual currency business activity. 3030: 298:"'Bitlicense' rules regulating bitcoin released" 258: 1068: 140:New York State Department of Financial Services 30:New York State Department of Financial Services 1290:"What BitLicense Regulations Mean for Bitcoin" 598: 476: 159:was awarded the fifth BitLicense in May 2018. 1955: 1443: 629: 1251: 538: 536: 420: 418: 1272:"NYDFS BitLicense Draft - Business Insider" 1069:Chavez-Dreyfuss, Gertrude (10 April 2019). 3011: 1962: 1948: 1450: 1436: 579: 1371: 799:New York Department of Financial Services 533: 415: 296:Kaja Whitehouse, USAToday (3 June 2015). 543:Michael del Castillo (August 12, 2015). 502:Vol. XXXVII, Issue 8 (February 25, 2015) 356:"New York unveils Bitcoin license rules" 121:called this the "Great Bitcoin Exodus". 1637:List of people in blockchain technology 611:from the original on September 23, 2015 394:"BitLicense Frequently Asked Questions" 3031: 2798: 155:was awarded the fourth BitLicense and 2929:Decentralized autonomous organization 1943: 1431: 1422:BitLicense Frequently Asked Questions 1417:New York Codes, Rules and Regulations 660: 599:Karen Freifeld (September 22, 2015). 166:was awarded the sixth BitLicense and 41:, New York's first Superintendent of 2999: 1969: 1924: 630:Curt Woodward (September 22, 2015). 458:Vol. XXXVI, Issue 23 (July 23, 2014) 313: 311: 170:was awarded the seventh BitLicense. 115:because of the new regulations. The 513: 354:Jose Pagliery, CNN (18 July 2014). 13: 477:Cameron Fuller (31 January 2014). 204:One day later, the NYDFS rejected 14: 3070: 2939:Distributed ledger technology law 1415:in (Part 200 of Title 23 of) the 1406: 308: 3010: 2998: 2987: 2986: 1923: 1914: 1913: 1197:Department of Financial Services 1173:Department of Financial Services 1149:Department of Financial Services 1125:Department of Financial Services 1101:Department of Financial Services 997:Department of Financial Services 775:Department of Financial Services 326:Department of Financial Services 259:Michael J. Casey (3 June 2015). 124:In September 2015, Boston-based 1384: 1365: 1354:from the original on 2015-10-10 1336: 1318: 1300: 1282: 1264: 1245: 1227: 1209: 1185: 1161: 1137: 1113: 1089: 1062: 1038: 1009: 985: 956: 927: 898: 869: 840: 816: 801:. 22 March 2017. Archived from 787: 763: 739: 714: 685: 654: 623: 592: 573: 555: 507: 489: 429:(Press release). 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Reuters 339:April 13, 302:USA TODAY 62:currency; 2993:Category 2715:Coinbase 2695:Bitstamp 2675:Bitpanda 2665:bitFlyer 2660:Bitfinex 2584:SafeMoon 2544:Filecoin 2523:USD Coin 2391:Polkadot 2386:Peercoin 2366:Gridcoin 2360:Ethereum 2340:Algorand 2317:Vertcoin 2287:AmbaCoin 2217:Equihash 2207:Litecoin 2202:Dogecoin 2162:Ethereum 2138:Peercoin 2133:Namecoin 2128:MazaCoin 2030:MetaMask 1919:Category 1868:GHash.io 1863:CoinDesk 1814:Deep Web 1737:Currency 1601:Jihan Wu 1378:Engadget 1352:Archived 615:June 30, 609:Archived 461:Archived 437:July 19, 368:cite web 192:LibertyX 153:bitFlyer 53:Overview 3005:Commons 2884:Airdrop 2863:IQ.Wiki 2828:Mt. 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Index

business license
virtual currency
New York State Department of Financial Services
regulations
Benjamin Lawsky
Financial Services
NYDFS
cryptocurrencies
New York State Register
bitcoin
New York State
New York Business Journal
Circle
Paxos Trust Company
New York State Department of Financial Services
bitFlyer
Genesis Global Trading
Xapo
Square, Inc.
NYDIG
Robinhood Markets Inc.
LibertyX
Bitstamp Ltd.
Bittrex
SoFi Digital Assets
DFS
PayPal
Paxos Trust Company
"NY Financial Regulator Lawsky Releases Final BitLicense Rules for Bitcoin Firms"
"New York lays out requirements for a 'BitLicense'"

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