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A BitLicense is the common term used for a business license of virtual currency activities, issued by the New York State Department of Financial Services (NYSDFS) under regulations designed for companies.[1][2][3] The regulations are limited to activities involving New York or a New York resident. Those that reside, are located, have a place of business, or are conducting business in the State of New York count as New York Residents under these regulations.[4]
The regulations define virtual currency business activity as any one of the following types of activities:
receiving Virtual Currency for Transmission or Transmitting Virtual Currency, except where the transaction is undertaken for non-financial purposes and does not involve the transfer of more than a nominal amount of Virtual Currency,
storing, holding, or maintaining custody or control of Virtual Currency on behalf of others,
buying and selling Virtual Currency as a customer business,
performing Exchange Services as a customer business, or
controlling, administering, or issuing a Virtual Currency.
But, the 2 following activities are excluded from the definition of virtual currency business activity:
development and dissemination of software in and of itself,
merchants and consumers that utilize Virtual Currency solely for the purchase or sale of goods or services or for investment purposes.[5]
https://en.wikipedia.org/wiki/BitLicense
The regulations define virtual currency business activity as any one of the following types of activities:
receiving Virtual Currency for Transmission or Transmitting Virtual Currency, except where the transaction is undertaken for non-financial purposes and does not involve the transfer of more than a nominal amount of Virtual Currency,
storing, holding, or maintaining custody or control of Virtual Currency on behalf of others,
buying and selling Virtual Currency as a customer business,
performing Exchange Services as a customer business, or
controlling, administering, or issuing a Virtual Currency.
But, the 2 following activities are excluded from the definition of virtual currency business activity:
development and dissemination of software in and of itself,
merchants and consumers that utilize Virtual Currency solely for the purchase or sale of goods or services or for investment purposes.[5]
https://en.wikipedia.org/wiki/BitLicense
Thanks a ton! Sucks to life in NY with the whole Bitlicense thing but...eh what can you do.
