BitLicense in Washington D.C.

BitLicense in Washington D.C.

Businesses in New York need a BitLicense to take part in virtual currency activity. Bates Group provides the information you need to ensure your company meets regulations related to BitLicense in Washington, D.C. and other compliance standards. Contact our team to discuss your company’s needs. 

What Is a BitLicense?

A BitLicense is a business activity license that permits and regulates virtual currency usage in New York. The New York State Department of Financial Services issued this regulation to oversee how individuals and companies use virtual currency. Any virtual currency business that wishes to offer services in New York State must hold a BitLicense. 

The regulation applies to the following activities: 

• Operating a virtual currency
• Providing exchange services for virtual currency
• Selling or acquiring virtual currency for commercial purposes
• Sending or receiving virtual currency (excludes transfers in which only a small quantity of money is sent)
• Keeping or storing virtual currency on someone else’s behalf

If a business buys, sells, transfers or issues virtual currency or fiat currency, it must also obtain a traditional money transmitter license. 

Applying For a BitLicense

In order to apply for a BitLicense, you will need to pay an application fee and fill out several documents. Our consultants can help you learn about the various capital and marketing requirements you must meet in order to obtain your license. Since these regulations may be difficult to fully understand, we recommend speaking to our knowledgeable consultants to ensure that your company fulfills all guidelines. 

Bates Group guides you through the application process so you can obtain a BitLicense without a hassle. By working with one of our consultants, you can ensure that your company meets all regulations. We’re here to answer your questions regarding cryptocurrency, compliance and everything else pertaining to your business’s operations involving digital currency. 

Obtaining a BitLicense in Washington, D.C. With Bates Group

If your company doesn’t uphold compliance standards, it could mean significant penalties, including fines and fees or even ones that impact your business activities. Your company must be well-prepared to maintain a BitLicense so you can continue your virtual currency activities.

Bates Group can help you set up your business so that your virtual currency activities are in alignment with compliance requirements. Our consultants are experienced in helping businesses obtain the necessary licenses to perform their day-to-day operations in accordance to New York’s regulations. Furthermore, we can help your company ensure that it meets other essential compliance guidelines, such as those determined by anti-money laundering regulations and Bank Secrecy Act. 

If you are ready to learn more about what our team can do for you, contact Bates Group to schedule a consultation. Our team is available to discuss your goals and help you understand the benefits of a BitLicense as well as what it takes to apply for a license. We can ensure that your company is ready to maintain its BitLicense in Washington, D.C. Call now to speak to a specialist that you can depend on.