How long does it take to get a BitLicense in New York?

Obtaining a New York Virtual Currency License, commonly referred to as a BitLicense, involves a rigorous process administered by the New York Department of Financial Services (DFS). The initial step of submitting an application initiates a review period that DFS is mandated to complete within a specified timeframe.

According to DFS regulations, upon receipt of a BitLicense application, the department has 90 days to process and evaluate the submission. This timeframe serves as a benchmark for the review process, ensuring applicants are aware of the expected duration before a decision is rendered.

However, it's crucial to note that the 90-day period is not absolute. DFS has the discretion to extend this timeframe, depending on various factors. These factors can include the complexity of the application, the need for additional clarifications, or requests for further information from the applicant.

In instances where additional information is sought, DFS will communicate the specific requirements to the applicant. This process of requesting and providing additional documentation can contribute to the extension of the overall review period, as it allows DFS to conduct a more thorough assessment of the application.

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