BitLicense
New York’s dedicated license for businesses conducting virtual currency activity (23 NYCRR Part 200).
The BitLicense is a license issued by the New York State Department of Financial Services (NYDFS) for firms engaged in “virtual currency business activity” involving New York or a New York resident — including receiving, transmitting, storing, buying, selling, or issuing virtual currency.
It is one of the most demanding crypto licensing regimes in the US, with detailed requirements covering capital, custody, cybersecurity, AML/KYC, consumer protection, and recordkeeping. Firms often pursue the BitLicense (or the alternative NYDFS limited-purpose trust charter) alongside state money transmitter licenses.
This glossary entry is educational and does not constitute legal advice. Always consult qualified legal counsel for jurisdiction-specific guidance.