The NY BitLicense legislation introduced in 2014 prevents any individual or business to engage in Virtual Currency Business Activity without a BitLicense. Virtual Currency Business Activity includes:

  • receiving or sending Virtual Currency

  • storing, holding, or maintaining custody or control of Virtual Currency on behalf of others

  • buying and selling Virtual Currency as a customer business

  • performing exchange services as a customer business, or

  • controlling, administering, or issuing a Virtual Currency

For more information, see the New York State Department of Financial Services for Virtual Currency Businesses here: https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses

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