What is BitLicense? A Key Regulatory Framework for Crypto in New York 🏙️💼
BitLicense is a regulatory framework introduced by the New York State Department of Financial Services (NYDFS) in 2015, designed to regulate cryptocurrency services and ensure legal compliance in the state. It aims to enhance user security, prevent money laundering, and promote overall legal compliance within the crypto sector.
The license covers a wide range of activities, including digital asset trading, transfers, and custody solutions. While it applies specifically to companies operating within New York, it has become a recognized standard for cryptocurrency regulation globally. BitLicense plays a critical role in ensuring trust and regulatory clarity in the rapidly growing crypto industry.
This post does not offer investment advice.