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BitLicense Regulations

Ross Pitcoff Law > Legal Advice  > BitLicense Regulations

BitLicense Regulations

The BitLicense, a landmark cryptocurrency regulation, is a 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 or individuals that engage in Virtual Currency Business Activity.

The BitLicense regulations establish a number of requirements for licensees, including: appointing a Chief Information Security Officer (CISO) to establish and maintain an effective cybersecurity program to protect the confidentiality, integrity and accessibility of the data; providing an annual report to the NYDFS; and submitting quarterly financial statements and audited annual financial statements.

To speak with a lawyer today, call: (646) 386-0990 or email: ross@rosspitcofflaw.com to set-up a free consultation.

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