New York State's BitLicense regulation, codified at 23 NYCRR Part 200, requires a BitLicense or qualifying New York banking/trust charter for persons conducting covered virtual-currency business activity involving New York or New York residents. It covers exchange, transfer, custody and specified administration activities, and sets capital, AML, cybersecurity, recordkeeping, disclosure and examination requirements.
Regulationeffective
23 NYCRR Part 200 — Virtual Currency Regulation
Also known as: 23 NYCRR Part 200 — Virtual Currency Regulation (BitLicense)
United States New York State Department of Financial Services (NYDFS)
Overview
Key Details
Jurisdiction
United StatesRegulator
New York State Department of Financial Services (NYDFS)
Law Type
Regulation
Status
In ForceOfficial Law Number
23 NYCRR Part 200
Official Title
23 NYCRR Part 200 — Virtual Currency Regulation
Enacted Date
June 3, 2015
Effective Date
June 24, 2015
Topics Covered
Who This Law Applies To
Persons conducting covered virtual-currency business activity involving New York or New York residents, subject to limited exemptions.
Key Requirements
- Requires a BitLicense from NYDFS or a qualifying New York banking/trust charter.
- Covers virtual-currency exchange, transfer, custody and administration activities.
- Sets capital adequacy, AML/CFT, cybersecurity, recordkeeping, disclosure and examination obligations.
Official Sources
Official instrument pageUse exact 23 NYCRR Part 200 regulatory text as primary source. NYDFS licensing page is supporting guidance.
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