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What is BitLicense?

A BitLicense is the common name for a business license for activities involving virtual currencies that are granted by the New York State Department of Financial Services (NYSDFS) in accordance with rules intended for corporations.

The laws only apply to actions involving the state of New York or a person of New York. According to these rules, everyone who resides is located, has a place of business there, or does business there qualifies as a New York Resident. In July 2014, Benjamin Lawsky, the first Superintendent of Financial Services in New York, unveiled and created the license. Chartered entities may engage in virtual currency activities through limited-purpose trust charters that have been granted by the NYDFS instead of explicitly needing a BitLicense.


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