BitLicense regulation

Regulation · PageRank 0.0015

Also known as: NY 23 NYCRR 200

Overview

The BitLicense is the licence required by the New York State Department of Financial Services (NYDFS) for firms conducting virtual currency business activity involving New York or New York residents. It was adopted in 2015 under 23 NYCRR Part 200 and was the first comprehensive US state framework for virtual currency businesses, covering consumer protection, anti-money laundering and cybersecurity requirements. Licensees must maintain capital, run AML and KYC programmes with transaction monitoring and suspicious activity reporting, operate a cybersecurity programme, and submit to NYDFS examination. The regime is known for being difficult to obtain, with only a small number of licences granted since its introduction; NYDFS has also proposed a "conditional BitLicense" allowing firms to operate in partnership with an existing full licensee.

Within the DeFi Intel graph, BitLicense connects to 2 tracked entities, most strongly to New York State Department of Financial Services, United States.

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).

Frequently asked questions

Who issues the BitLicense?

The New York State Department of Financial Services (NYDFS).

Under what rule was the BitLicense adopted?

23 NYCRR Part 200, adopted in 2015.

What is a conditional BitLicense?

An NYDFS proposal allowing a virtual currency firm to operate in New York without a full BitLicense by partnering with a firm that holds one.