Virtual Currency

Virtual Currency Businesses


Virtual Currency Business Activity (BitLicense)

As stated in 23 NYCRR 200.3(a), “No Person shall, without a license obtained from the superintendent …, engage in any Virtual Currency Business Activity.”

23 NYCRR 200.2(q) provides, in part: "Virtual Currency Business Activity means the conduct of any one of the following types of activities involving New York or a New York Resident:

  1. receiving Virtual Currency for Transmission or Transmitting Virtual Currency, except where the transaction is undertaken for non-financial purposes and does not involve the transfer of more than a nominal amount of Virtual Currency;
  2. storing, holding, or maintaining custody or control of Virtual Currency on behalf of others;
  3. buying and selling Virtual Currency as a customer business;
  4. performing Exchange Services as a customer business; or
  5. controlling, administering or issuing a Virtual Currency.”

For licensing requirements see 23 NYCRR Part 200.

Applications and License Management

The Department  manages license applications and ongoing regulation of virtual currency business activity and applications via the Nationwide Multistate Licensing System and Registry (NMLS).  

BitLicense FAQs

The Department has prepared responses to a series of frequently asked questions about the BitLicense, including which activities may require licensure and which may be exempt. These questions and answers may be updated from time to time as necessary.


Questions regarding the VC license or licensing process may be referred to DFS at [email protected] and should include your full contact information.