BitLicense

BitLicense refers to a business license required for virtual currency operations in the state of New York. The license is issued by the New York Department of Financial Services (NYDFS) and primarily regulates activities related to the receipt, storage, and transfer of digital assets. As of 2020, only 25 BitLicenses have been granted, with recipients including Circle, Coinbase, Robinhood, and Square. It is important to note that businesses operating under New York banking law, such as Gemini, are exempt from holding BitLicenses.