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BitLicense
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<p>A BitLicense is the common term used for a <a href="/facts/Business_license/dpLCYXrU">business license</a> for <a href="/facts/Virtual_currency/jCkgxzUp">virtual currency</a> activities, issued by the <a href="/facts/New_York_State_Department_of_Financial_Services/aveMeIfI">New York State Department of Financial Services</a> (NYSDFS) under <a href="/facts/Regulation/eFR0l2x9">regulations</a> designed for companies. The regulations are limited to activities involving the state of New York or a New York resident. People residing in, located in, having a place of business in, or conducting business in the State of New York count as New York Residents under these regulations. The license was introduced and designed by <a href="/facts/Benjamin_Lawsky/IYVmaQG2">Benjamin Lawsky</a>, New York's first Superintendent of <a href="/facts/Financial_services/azqCQelN">Financial Services</a>, in July 2014. Chartered entities do not require an explicit BitLicense, but may instead proceed with virtual currency activities via limited purpose trust charters approved by the <a href="/facts/New_York_State_Department_of_Financial_Services/aveMeIfI">NYDFS</a>. </p>