2014

  • The New York Department of Financial Services introduced the BitLicense Regulatory Framework.

    This regulation would require many virtual currency businesses to pay a $5,000 non-refundable application fee for a license. An alternative is for businesses to obtain a charter which would only be granted under specific business purposes.

  • BitLicense Regulatory Framework goes into effect.

    The BitLicense requirement applies to many virtual currency businesses, including those engaged in:

    • virtual currency transmission;
    • storing, holding, or maintaining control of virtual currency on behalf of another individual;
    • buying and selling virtual currency as a customer business;
    • performing exchange services as a customer business; or
    • controlling, administering, or issuing virtual currency.

  • BitLicense Regulation Controversy

    NY’s BitLicense Regulation created controversy and drove businesses to leave the state, such as ShapeShift.io. At the same time, many states were examining BitLicense as a potential regulatory framework to adapt for their own legislatures.

  • Circle Internet Financial issued license.

  • Gemini Trust Company, LLC. issued charter.

  • XRP II, LLC. (an affiliate of Ripple Labs, Inc.) issued license.

  • Coinbase issued license.

  • A new bill with the potential to reverse BitLicense is introduced as NY A9899 in the NY State Assembly.

     

    • A9899 was introduced by assembly member Ron Kim.
    • This bill creates a regulatory sandbox which would encourage the growth of NY startups in the cryptocurrency and blockchain sector.
    • A9899 also amends banking law so that licensing on virtual currency businesses is prohibited.

  • Gemini Trust Company, LLC. issued charter with further allowances.

  • Paxos Trust Company, LLC. issued charter.

  • Genesis Global Trading issued license.

  • Xapo, Inc. issued license.

  • Square, Inc. issued license.

  • BitPay, Inc. issued license.

  • A9899 is pending in the NY State Assembly.

2018