The New York State Department of Financial Services (NYDFS) — also known as the DFS and NYSDFS — is a department of the New York State government that regulates financial services and products in such fields as insurance, banking and financial services. The NYDFS’s BitLicense is a business license for virtual currency activities, which is required for operating in New York. For the effective usage of an NYDFS’s Bitcoin license, New York state has come up with a definition of virtual currency (VC) business activity that covers five main points, such as transmission of VC, maintaining custody of VC on behalf of others, buying and selling VC as a customer business, performing exchange services and issuing, controlling and administering VC. There are currently nine NYDFS BitLicensed companies, some of them being Ripple, Coinbase and Square, Inc. Implementation of BitLicense by the NYDFS has forced many startups to stop working in New York.
The NYDFS has sent a letter to all regulated institutions engaged in crypto-related activities, asking them to submit detailed plans for weathering the coronavi...
New York Regulators Require Crypto Firms to Submit Coronavirus Plans
New York Governor Andrew Cuomo wants crypto businesses to pay for NYDFS’ oversight to “make progress happen.”
NY Governor Wants Crypto Firms to Cover Costs for NYDFS Oversight
The New York Department of Financial Services plans to review its crypto listing framework by late January 2020.
NYDFS to Update BitLicense’s Terms for the First Time in 5 Years
New York financial watchdog approves three stablecoin offerings including BUSD, backed by Paxos and Binance. A sign of things to come?
BUSD — Binance and Paxos Stablecoin Latest to Get US Regulator Consent
The New York Department of Financial Services — the state’s finance watchdog — has formed a new division for licensing crypto-related businesses.
New York Regulators Designate New Division to License Crypto Businesses
Fidelity’s crypto arm Fidelity Digital Assets Services reportedly filed with the NYDFS for a New York trust licens.
Fidelity’s Crypto Branch Files for a New York Trust License: Report
Facebook is reportedly seeking a New York BitLicense to comply with state regulations pertaining to Libra.
Report: Facebook Seeks BitLicense From New York State Regulator