BitLicense
From Wikipedia, the free encyclopedia
A BitLicense is the common term used for a business license for virtual currency activities, issued by the New York State Department of Financial Services (NYSDFS) under regulations designed for companies.[1][2][3] The regulations are limited to activities involving the state of New York or a New York resident. People residing in, located in, having a place of business in, or conducting business in the State of New York count as New York Residents under these regulations.[4] The license was introduced and designed by Benjamin Lawsky, New York's first Superintendent of Financial Services, in July 2014.[5] Chartered entities do not require an explicit BitLicense, but may instead proceed with virtual currency activities via limited purpose trust charters approved by the NYDFS.[6]