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Wednesday, September 23, 2015

New York State Has Granted Its First Bit License

Some exciting news has come out of New York state. Circle Internet Financial, The Boston based startup, backed by Goldman Sachs, was officially granted New York’s first “BitLicense”, on September 22, 2015. New York’s BitLicense enables its holders the ability to offer digital currency services to any of its clients or affiliates within the state. Of course, this has major implications for any business planning to offer mobile or electronic payment options, who are also looking to stay on top of financial trends in an ever-evolving industry. 

The BitLicense received by Circle is not only the first of its kind, but also created based on the first set of U.S. individual state crypto-currency guidelines. Authorized by the New York Department of Financial Services, the purpose of the license is to protect consumers, prevent money laundering, strengthen cyber-security and to oversee the use of Bitcoin blockchain technology, as applied to currency transfers.

For any interested entity, it is important to note that any firm conducting business, or operating in New York, only has until August 10, 2016 to apply for its own BitLicense.

If your firm has an interest in crypto currency, currently plans to utilize it, or may benefit from its usage, contact Matthew Moisan at mjm@moisanlegal.com, for assistance in making an application, and remaining compliant with New York’s guidelines on the matter. 


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