New York Cryptocurrency License
The Gross Domestic Product of the State of New York makes it one of the world’s fifteen largest economies. The well-recognized financial capital of the world, New York houses a majority of the world’s asset managers. This extends to the bitcoin and cryptocurrency space, where a large majority of notable cryptocurrency-based hedge funds are managed from.
Among the fifty United States, New York is the first to adopt cryptocurrency-specific license legislation. New York’s BitLicense – the first of its kind of the United States, seeks to create a regulatory framework for cryptocurrency related activities. As the U.S. as a whole continues to debate the legal status of cryptocurrency, the New York BitLicense provides operators with legal certainty and acknowledged legitimacy.
New York is an ideal jurisdiction for obtaining a cryptocurrency license. A BitLicense obtained in New York provides the holder with the ability to operate a cryptocurrency exchange, manage hosted cryptocurrency wallets, among other activities. The ease of obtaining a license and flexibility the license affords within the United States and elsewhere makes New York a perfect jurisdiction for blockchain-related operations.
Advantages of a New York BitLicense
Average daily trading in Bitcoin alone exceeds $20 billion. The streamlined and cost-effective process in obtaining a New York cryptocurrency license can place you in this lucrative market in as little as three months. As worldwide adoption of cryptocurrency increases, cryptocurrency exchanges are estimated to have taken in over $1 billion in profits last year alone. With increasingly complex cryptocurrency regulation in leading economic nations such as the United States and European Union, New York offers a cost-effective, risk free alternative for starting a licensed cryptocurrency exchange or broker-dealer.
New York Cryptocurrency License at a Glance
| License | BitLicense |
| Time to License | 6 to 8 Mos. |
| Capital Requirement | Varies |
| Tax Structure | Zero (0%) Percent Tax on Offshore Profits |
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Resources
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| Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type. | |
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New York Cryptocurrency License Package
- Incorporation of offshore corporation of U.S. domestic Wyoming LLC
- Arrange for local registered officer and local directors, if required
- Draft corporate bylaws, minutes and owner share issuances
- Establishment of corporate bank account suitable for cryptocurrency exchange operations
- Establishment of merchant service account for accepting credit and debit cards
- Draft requisite business plan, financial statements and financial projections
- Draft requisite Anti-Money Laundering & Know-Your-Customer policies
- Arrange for requisite surety bond
- Prepare and process application for New York BitLicense
- Representation before licensing regulatory authority, banks and liquidity providers
Contact the New York Cryptocurrency License Experts
Trust our over fifty year’s combined experience in creating innovative solutions for our clients. Contact the cryptocurrency licensing experts at FinLaw to begin the process of obtaining your New York Cryptocurrency License today. Our knowledgeable and skilled professionals are pleased to answer any of your questions.
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