BitLicense News

The BitLicense, otherwise known as the ‘License to Engage in Virtual Currency Business Activity’, is a piece of U.S. legislation that allows crypto-handling businesses to engage with New York State residents. It was signed into law in 2015 and led to many crypto companies, such as ShapeShift and Kraken, leaving the state. The license was introduced following the collapse of Mt. Gox and to regulate the then-burgeoning New York crypto scene. Applying for a license costs many thousands of dollars in legal and application fees and can take years to obtain.