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BitLicense - Definition from the Hotspot Shield Encyclopedia

A BitLicense is a business license that is issued to businesses who engage in any form of actions using cryptocurrency or digital currencies like Bitcoin.

The license is issued by the NYSDFS (New York State Department of Financial Services) and is limited to use in the state of New York. The definition of use of virtual currencies include. Receiving or transmitting virtual currencies, storing or holding virtual currencies for others, buying and selling virtual currencies as a business and controlling or administering a virtual currency. The regulating licenses came into effect in 2015 and this resulted in around 10 Bitcoin companies ceasing operations in New York directly because of this.


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