BitLicense
NYDFS BitLicense
A virtual-currency business licence issued by the New York Department of Financial Services since 2015.
BitLicensees include Circle, Paxos, Coinbase, Gemini, and Robinhood Crypto. NYDFS additionally issues limited-purpose Trust Charters used by stablecoin issuers — Paxos's Trust Charter underpins both USDP and PayPal's PYUSD. See NYDFS.
Related terms
- NYDFSNew York State's financial regulator — the most active US state authority over crypto issuers since 2015.
- MSB (Money Services Business)A US FinCEN registration category required for stablecoin issuers, exchanges, and remittance operators.
- Money transmitterA US-state-level licence required for businesses moving customer funds — most stablecoin issuers and exchanges hold MTLs in 40+ states.