Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance

Can I receive virtual currency for transmission or transmit virtual currency without obtaining a BitLicense?

Based on the information provided in the context documents, no person shall engage in any virtual currency business activity without obtaining a license from the superintendent as provided in 23 NYCRR 200.3. Therefore, to receive virtual currency for transmission or transmit virtual currency in New York, a BitLicense is required [1.1]. Additionally, licensees engaged in virtual currency business activity must comply with consumer protection requirements, including disclosure of material risks associated with virtual currency, disclosure of general terms and conditions, and disclosure of the terms of transactions [1.2]. Licensees must also comply with advertising and marketing requirements, including including the name of the licensee and the legend that such licensee is “licensed to engage in virtual currency business activity by the New York State Department of Financial Services” in all advertising and marketing materials [1.4]. Any person already engaged in virtual currency business activity must apply for a license within 45 days of the effective date of the regulation [1.5]. Finally, each licensee must maintain all books and records in their original form or native file format for a period of at least seven years from the date of their creation and in a condition that will allow the superintendent to determine whether the licensee is complying with all applicable laws, rules, and regulations [1.7].Therefore, to answer your question, no, you cannot receive virtual currency for transmission or transmit virtual currency in New York without obtaining a BitLicense.