Lawyers Queens Bitcoin Advocates. BitLicense Services

Even if You Don't Need A BitLicense, This Affects You

People affected by this proposal fall into two broad categories: those who must obtain a BitLicense ( Bitcoin Trading License ) and those who may be affected, but don't need to obtain a BitLicense in Queens.

So, who will need a Bitcoin Trading License? It's not as clear as one would hope. The regulations seem to require BitLicenses ( Bitcoin Trading License ) from anyone who converts digital currency, transmits digital currency, stores digital currency, secures digital currency in Queens.

Who might this include? Anyone who makes virtual currency wallets, exchanges, or storage tools, as well as people innovating new types of digital currency. The regulations are worded vaguely enough that they may even sweep up innovators building Bitcoin-related businesses that aren't financial services. Basically, this implicates developers, entrepreneurs, middlemen, and other providers of services related to virtual currency. There are no carve-outs for academics or security researchers.

Then there is everyone else who might be affected by this. The NY DFS states that "the license is not required for merchants or consumers that utilize Virtual Currency solely for the purchase or sale of goods or services." However, as written, the proposal would require companies with with licenses to keep records about transactions of everyone who uses their services, so the privacy of individual Bitcoin users would be affected. Think back to the coffee shop at the beginning of this article. If this coffee shop were using a Bitcoin payment provider to process transactions, that payment provider would need to obtain a BitLicense ( Bitcoin Trading License ) from Queens. While the coffee shop and its customers would not need to get a license, every digital transaction processed by the payment provider would have to follow the BitLicense record-keeping requirements. We elaborate on these mandates below, but among other things they require licensees to keep 10 years of records about all transactions, including identity information about all parties to a transaction in Queens.

There is also vagueness in the language of the proposal about whether P2P node operators and miners of digital currencies might need a BitLicense2, and whether there are circumstances in which users hosting their own wallets and transmitting coins directly to other users might fall under the regulations.

Want to go global? Get a BitLicense!

If you want your company to go global or maybe you want to attract investors to your cryptocurrency-based business, getting a Bitlicense ( Bitcoin Trading License ) is definitely a proper route and approach.

BitLicense-Style Bitcoin Regulations in Queens. Bitcoin Advocates

The regulations define virtual currency business activity as any one of the following types of activities:

• receiving virtual currency for Transmission or Transmitting virtual Currency, except where the transaction is undertaken for non-financial purposes and does not involve the transfer of more than a nominal amount of virtual currency;
• storing, holding, or maintaining custody or control of virtual currency on behalf of others. BitLicense Lawyers will help;
• buying and selling virtual currency as a customer business. BitLicense Lawyers will help;
• performing Exchange Services as a customer business. BitLicense Lawyers will help;
• controlling, administering, or issuing a virtual currency. BitLicense Lawyers will help.

But, the 2 following activities are excluded from the definition of virtual currency business activity:

• development and dissemination of software in and of itself. BitLicense Lawyers will help;
• merchants and consumers that utilize virtual currency solely for the purchase or sale of goods or services or for investment purposes.

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