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January 9, 2022

Who needs a BitLicense?
A person (whether an individual or a company) that engages in Virtual Currency Business Activity requires a BitLicense. Under 23 NYCRR 200.2(q), Virtual Currency Business Activity can fall into one of five types of activities involving New York or New Yorkers:
    1. receiving Virtual Currency for transmission or transmitting 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.
Exemption from licensing requirements.
The following persons are exempt from the licensing requirements otherwise applicable under this Part:
(1) persons that are chartered under the New York Banking Law and are approved by the superintendent to engage in virtual currency business activity; and
(2) merchants and consumers that utilize virtual currency solely for the purchase or sale of goods or services or for investment purposes.
Does my store need a BitLicense to accept Virtual Currency as payment for goods or services?
No.  Merchants and consumers that use Virtual Currency solely for the purchase or sale of goods or services are exempt from the licensing requirement.  23 NYCRR 200.3(c).

I write code and build tools for the Virtual Currency space.  Do I need a BitLicense for this?

Under the regulation, the development and dissemination of software (as a purely technical service) in and of itself does not require a BitLicense. 23 NYCRR 200.2(q). The use of your product or service, however, may involve licensable Virtual Currency Business Activity.

As an example, writing software that allows customers to self-custody Virtual Currency in a wallet would not, in and of itself, require a BitLicense. However, building a wallet service in which you kept custody of other people’s funds on their behalf likely would require a BitLicense.

For example, many BitLicensees engage in the transmission of fiat currency (e.g., U.S. dollars), which requires them to hold a money transmission license under New York Banking Law Article 13-B.

For example, Bank Secrecy Act/Anti-Money Laundering (BSA/AML); Cybersecurity; and/or Background Checks/Vetting.

Is there a surety bond or similar requirement?

Yes. There is a requirement to either obtain a surety bond, or to fund an account, for the protection of the BitLicensee’s customers. 23 NYCRR 200.9(a).  Generally, the minimum amount of this bond or account is $500,000, although that figure can increase based upon the specifics of the BitLicensee’s business model.

NYDFS：
https://www-dfs-ny-gov.translate.goog/virtual_currency_businesses?_x_tr_sl=en&_x_tr_tl=zh-CN&_x_tr_hl=zh-CN&_x_tr_pto=sc

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