As the virtual currency economy grows, State and Federal Government agencies seek to regulate this seemingly untamed world. For example, on June 3, 2015, the New York State Department of Financial Services (NYSDFS) set in effect regulations governing Virtual Currency Business Activities conducted with or in New York.
The regulations require that anyone engaged in Virtual Currency Business Activities apply to the NYSDFS for a license. There are a number of requirements that must be met in order to obtain a license, many of which are technologically / legally complex (e.g., effective cyber security policies, compliance with anti-money laundering provisions, etc.) Businesses that are already engaged in this type of activity must file a license application within 45 days of the effective date of the regulation (June 3, 2015).
The question of whether your business requires a license, and if so, filing a proper application with the NYSDFS are vital to your continued compliance with New York State regulations. In answering these questions, you need Ozg Lawyer with experience in legal matters involving bitcoin and other virtual currencies.
To discuss whether your business is subject to the NYSDFS licensing requirement, book an appointment at ozgcenter.com/appointment