Businesses that engage in virtual currency activities in New York are required to have a BitLicense. At Bates Group, our consultants specialize in helping virtual currency businesses meet regulatory requirements, including requirements pertaining to BitLicense in New York. For the compliance services that your business needs, reach out to Bates Group directly today.
A business license is a type of business license that is required for businesses that are using virtual currencies. A BitLicense is issued by the New York State Department of Financial Services (NYSDFS). First introduced in 2014, businesses that are defined as virtual currency businesses must hold a BitLicense. A business is defined as a virtual currency business if the business:
To apply for a BitLicense in New York, the application must be filed through the Nationwide Multistate Licensing System and Registry (NMLS), which manages BitLicenses. Items on the application checklist include:
The above list is not inclusive. Please review the requirements or speak to a BitLicense professional to learn more about your company’s obligation and the application process.
Meeting all regulatory requirements is important for your business’s bottom line and overall wellbeing. At Bates Group, our professionals can help you secure and maintain a BitLicense in New York for its virtual currency business operations.
Bates Group has years of experience working with virtual currency and other money-service businesses. We help businesses like yours understand their legal requirements related to BitLicense and other compliance items, including anti-money laundering compliance and Bank Secrecy Act (BSA) compliance. To learn more about our services and how we can help, reach out to our consultants today to schedule an appointment to discuss your company’s needs.
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