Cryptocurrency Compliance and Operations by Jason Scharfman

Author:Jason Scharfman
Language: eng
Format: epub
ISBN: 9783030880002
Publisher: Springer International Publishing

5.

If DFS approves the application, it will issue to the Applicant a Conditional License under the VC Regulation. Once licensed, the Conditional Licensee may engage in any virtual currency business activity, as approved by DFS.10

PayPal was the first company granted a conditional BitLicense for a partnership with Paxos Trust Company.11

The NYDFS also has worked to promote new crypto activity outside of basic licensing requirements. An example of this was 2019 guidance allowing firms with BitLicenses and virtual currency trust companies, collectively referred to as VC Entities, to list new coins in a more efficient manner including the use of self-certification by VC entities to the NYDFS that new coin listing policies met the regulatory requirements.12

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