NYDFS
New York Department of Financial Services
New York State's financial regulator — the most active US state authority over crypto issuers since 2015.
NYDFS issues two key authorisations for stablecoin issuers: the BitLicense and the limited-purpose Trust Charter. Trust-chartered issuers (Paxos, Gemini Trust, NYDIG) operate under NY banking law with supervisory oversight comparable to a regulated bank.
Related terms
- BitLicenseA virtual-currency business licence issued by the New York Department of Financial Services since 2015.
- MSB (Money Services Business)A US FinCEN registration category required for stablecoin issuers, exchanges, and remittance operators.
- Trust charterA NYDFS authorisation under NY Banking Law allowing the holder to act as a trust company for crypto assets.