BitLicense

BitLicense

BitLicense is a business license of virtual currency activities issued by the New York State Department of Financial Services. It is given to companies which work with residents of New York and conduct operations with cryptocurrencies. It came into effect on August 8, 2015, and immediately became a point of controversy. At least ten Bitcoin companies have challenged the State Department's authority when trying to define and regulate cryptocurrencies, and have ultimately ceased all their operations in New York.

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