16 May 2023
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.
Related Content
- FinCEN Guidance for Cryptocurrency Firms
Learn about anti-money laundering (AML) program requirements for institutions engaging in virtual currency as set forth by the U.S. Financial Crimes Enforcement Network (FinCEN). Understand the regulations and administrative rulings under the BSA and AML regulations and requirements for reporting on illicit activity involving cryptocurrency.
- Cryptocurrency Litigation and Regulatory Proceedings Tracker and other cryptocurrency trackers
This tracker provides timely information on key cryptocurrency litigation and administration proceedings from the Securities Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Department of Justice (DOJ) and other federal agencies, as well as Civil, State, and Local authorities.
- Virtual Currency State Law Survey
Explore this survey to gain an understanding of the regulatory requirements for transacting in virtual currency in U.S. 50 states and the District of Columbia.
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