BitLicense in New York 

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BitLicense in New York

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.

What Is a BitLicense?

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:

  • Controls or issues a virtual currency
  • Performs exchange services as a customer business
  • Acting as a customer business to buy or sell virtual currency
  • Holding virtual currency on the behalf of another party
  • Receiving a virtual currency for transmission or transmitting a virtual currency

How to Apply for a BitLicense in New York

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:

  • Application fee ($50.00)
  • Credit report for control persons ($15.00/person)
  • Submission of company form – MU1
  • Financial statements – audited financial statements for the two most recent fiscal years prepared by a Certified Public Accountant
  • Other trade name – if operating under a name other than the applicant’s name
  • Resident/resident agent 
  • Primary contact employees 
  • Non-primary contact employees
  • Approvals and designations – FinCEN registration, confirmation number, and filing date
  • Bank account information
  • Disclosure questions
  • Direct owners and executive officers
  • Indirect owners
  • Qualifying individual 
  • Control persons attestation – MU2
  • Credit report for individuals submitting  an MU2
  • MU2 individual background check
  • AML/BSA policy – businesses must be in compliance with AML/BSA regulations and upload documents related to compliance
  • Business plan
  • Certificate of authority/ good standing certificate
  • Company staffing and internal policies
  • Ownership itemization
  • Document samples
  • Flow of funds structures
  • Formation documents
  • Management chart
  • Organization chart
  • Surety bond or trust account authorization 
  • Personal financial statement – MU2
  • Verification of experience

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.

Get Help from Bates Group Today

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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