New York is not only the financial center of the United States, but also one of the most notable financial centers in the world. As such, it’s no surprise that it has a series of strict financial regulations for money-handling businesses, including cryptocurrency regulations. In 2015, the New York State Department of Financial Services (DFS) codified a cryptocurrency regulation known as BitLicense. The following explains the BitLicense regulation and requirements. For help from a New York cryptocurrency compliance specialist, reach out to Bates Group LLC directly today.
As explained by the New York State Department of Financial Services, a BitLicense is required for businesses engaging in virtual currency businesses. Essentially, a BitLicense is simply a business license that applies to virtual currency activities. The license is issued by the DFS, and those companies that hold a BitLicense are subject to certain regulations.
A BitLicense is required for any individual or company that engages in virtual currency business activity in New York or involving New Yorkers, which may fall into one of five categories:
If your business engages in any of the above activities, it is required to obtain a BitLicense.
Companies who are required to carry a BitLicense and engage in activities involving virtual currencies are required to comply with multiple requirements, including:
If you are a financial services business that engages in activities involving cryptocurrency, it is important that you are acting in compliance with New York’s BitLicense requirements, as well as other state and federal compliance requirements. At Bates Group LLC, our consultants specialize in New York cryptocurrency compliance. To learn more about how our firm can help to ensure yours is acting within regulations, please reach out to us directly by phone or online to get started.
Please fill out all fields marked with* and submit the following form to
request your consultation.
Please fill out all fields marked with * and submit the following form to request your consultation.