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N.Y.'s Landmark BitLicense Gets Update at Five-Year Mark

June 24, 2020, 1:02 PM

New York met heavy skepticism when it began licensing virtual currency companies five years ago, but the BitLicense has since become a stamp of approval even as the state updates its requirements in response to industry concerns.

Several virtual currency firms left New York after the regulation was announced in June 2015, while others elected not to bring existing services to customers in the state. Since then, the Department of Financial Service has issued 25 BitLicenses and virtual currency trust charters, including to financial services giants like Fidelity Investments, which got a license in November.

The BitLicense’s growth is a ...