On June 24, 2020, the New York State Department of Financial Service (NYDFS) announced a series of virtual currency initiatives aimed at providing additional opportunities and clarity for BitLicense and limited-purpose trust company applicants and licensees. These initiatives include:
- A proposed framework for obtaining a conditional BitLicense when partnering with an existing licensee
- A proposed approach for NYDFS pre-approval of certain virtual currencies and a licensee’s ability to self-certify the use of new virtual currencies
- New procedures aimed at creating a more transparent and timely process for reviewing BitLicense applications
- A BitLicense FAQ page
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