Conditional BitLicense is Available Now

At Sharova Law Firm we provide legal services regarding obtaining Bitlicense for your cryptocurrency-based business. However, some business owners may don’t understand if it is possible for their company to get a BitLicense even if it does not meet all the BitLicense regulatory requirements and standards?

The answer is “Yes!” NYSDFS recently can issue a conditional Bitlicense. It is usually put for a period of two years as a condition and creates additional requirements that turn a review process more tightened. NYSDFS created specific tailored requirements based on the unique business model of the start-up. Now it will examine the structure of the business in more detailed and unique way. However, start-up company should submit the application and go through regular requirements as any other applicant.

It’s important for you to realize that BitLicense is necessary whenever you are going to provide your own cryptocurrency-based business activity or use blockchain-based technologies, not only within the boards of New York State, but to be able to work with customers who are located in New York State too. If you cannot be completely sure about where are your customers located, it’s extremely important to realize that working with clients in a state you have no permissions in is a felony according to the law. That simply means you may violate existing laws even without noticing it. Don’t you think it’s better to be prepared for everything and minimize potential risks by hiring a skilled BitLicense attorney? The answer is “Yes!” again and we know where you can get the necessary legal help and support.

We have a unique situation when there is no any exact information from the NYSDS officials regarding for what kind of company might qualify for a conditional license, or what conditions might be attached to that license. When applying for conditional Bitlicense specifically, the company should attach the cover letter addressed to the NYSDFS superintendent and explain in details the reason why the start-up company believes that the conditional license should be granted – in this situation, of course, you should advocate and promote the ideas and benefits to the NY State to grant the Bitlicense.

Analyzing the risks is the main factor for the NYSDFS to be looked at while making a decision in providing a conditional Bitlicense for the applicant. After two years period is over – the applicant can apply to renew it. Conditional Bitlicense is actually an example of some sort of open-mindedness of the State officials and a big step forward toward the development of the industry.

After you get the permission you will still need to do many things, go through many procedures, file many documents and so on. Additionally to this, all records about your operations, transactions and clients should be kept in a proper way. For these and many more purposes experienced Bitlicense lawyers from Sharova Law Firm offer you their client-oriented seasoned help. Contact us now, we are ready to answer all the questions you have (or might have) and tell you everything you need to know to stop risking your business and your money for nothing.

No matter if you are going to start your first digital currency-related business or if you have some experience in it, or maybe you are just a user who needs to be sure that his rights are totally protected and safe. You don’t need to waste your time and nerves resolving difficult legal issues. Leave all your worries for our knowledgeable New York cryptocurrency attorneys and be sure your business is in good hands.

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