The publication in the register also kicks off a 45-day grace period, during which time companies and individuals that offer digital currency services to New York residents must apply for a BitLicense. The application deadline is the 8th August 2015.
The BitLicense makes New York the first US state to formally launch a custom-made regulatory approach to Bitcoin and digital currencies.
Obtaining the BitLicense means paying a USD 5,000 non-refundable application fee, with the possibility of additional application costs as determined by the NYDFS, and submitting details about those running the company, their financial and legal histories and their plans for running a digital currency business.The final version of the BitLicense states that once a business or individual has applied, they are considered compliant until a determination on their application is made. If denied, they must immediately stop doing business in New York.
The NYDFS is expected to post an update on its official website regarding the official launch of the BitLicense and the commencement of the 45-day grace period.
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