BitLicense
By CoinGecko | Updated on Mar 03, 2020
According to New York State's Department of Financial Services, anyone engaging in any of the following activities will be required to obtain a BitLicense:
- Virtual currency transmission
- Storing, holding, or maintaining custody or control of virtual currency on behalf of others
- Buying and selling virtual currency as a customer business
- Performing exchange services as a customer business
- Controlling, administering, or issuing a virtual currency.
As of February 2020, consumers are not required to have a BitLicense to transact in virtual currencies. Merchants also do not require BitLicense to accept virtual currencies as payment.
https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses/bitlicense_faqs
Related Terms
Crypto Bubble
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Yield Farming
Yield farming involves putting cryptocurrency into a DeFi protocol to collect interest on trading fees.
Proof of Work (PoW)
A consensus algorithm in which a block is validated via mathematical hashing
Multisignal (multi-signature)
They are wallets that require more than one key for transactions to be authorized.
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