Do I need a BitLicense?

Operating in the cryptocurrency industry often requires compliance with specific regulations, one of which is obtaining a BitLicense. This license is particularly relevant for businesses engaged in certain activities related to digital currencies.

One scenario where a BitLicense may be necessary is if a business transmits digital currency. This includes facilitating the exchange of cryptocurrencies between parties, whether as a primary service or as part of a broader offering.

Another instance where a BitLicense could be required is if a business stores, holds, or maintains custody or control of digital currency on behalf of others. This includes offering wallet services or managing digital assets for clients.

Businesses that buy or sell digital currency as a consumer-facing service are also likely to need a BitLicense. This covers exchanges and other platforms where individuals can purchase or trade cryptocurrencies.

Furthermore, controlling, administering, or issuing a digital currency may also necessitate obtaining a BitLicense. This applies to entities that create new cryptocurrencies or manage existing ones, ensuring they operate within regulatory guidelines.