NYDFS Virtual Currency BitLicense Framework: Overview

The New York State Department of Financial Services (DFS) requires companies transacting in cryptocurrency to either obtain a charter under New York Banking Law, or a BitLicense.  To improve the supervision of cryptocurrency transactions and prevent the risk of fraud and financial exploitation in New York, the New York Attorney General recently proposed the Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act. The CRPTO intends to address conflicts of interest, increase transparency, and protect consumers.   Explore this practice note for a comprehensive view of New York regulatory requirements for transacting in cryptocurrency.

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