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LeoGlossary: BitLicense
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License issued by New York State's Department of Financial Services. Anyone engaging in certain cryptocurrency activities is required to have one from the agency.
Those services include:
- Conducting virtual currency transactions
- Serving as custody of virtual currency for others
- Buying or selling virtual currency as a business
- Operating an exchange
- Controlling, administering, or issuing a virtual currency
This is similar to the licensing that banks operate under.
Posted Using LeoFinance Beta
