Bitcoin and Cryptocurrency License

First of all, BitLicense is a name of the official business license which is needed to provide some regulated actions with Bitcoins and other crypto currencies. It is issued by a special agency in New York called NYSDFS (New York State Department of Financial Services). These regulations are applied to every company that is located or has its actives in New York State or works with clients within New York State.

BitLicense includes various types of business activity related to cryptocurrencies, for example:

• Receiving Bitcoins and other virtual money for financial purposes or for next transfer;

• Keeping, storing or controlling cryptocurrencies on the behalf of the third party;

• Providing selling and buying transactions with virtual currencies as a kind of customer business;

• Issuing or controlling Bitcoins, or its exchange for customer business purposes;

On the other hand, there are activities not included in BitLicense requirements, as using Bitcoin and other virtual currencies for investment or paying for other services and goods; and development the specific software itself.

As virtual currencies become more and more popular, there is a necessity of better control over all participants on the market. As most federal agencies ignore the issues arising around cryptocurrencies, most States begin to follow New York State as the financial leader in the country. In 2015, special BitLicense Regulatory Framework was created to issue specific permissions to provide Bitcoin-related businesses.

AT SHAROVA LAW FIRM WE KNOW WHAT TO DO

You should understand that you need BitLicense to continue or start your business with cryptocurrencies, not only if you are located in New York State, but as well to work with New York customers. Even if you are not sure where your client is, that is a felony to make any operations with virtual money in the State you has no license in. In fact, there may be a risk of violating the law even if you don’t realize it. To protect yourself and your business from serious charges get a legal help of a skilled New York BitLicense lawyer, who is able not only issue a BitLicense to your business but will also provide you with the necessary support.

There are many misunderstandings around what is considered to be “issuing, administration, or controlling” speaking about cryptocurrencies, so if you have any questions related to Bitcoin or any other virtual money it is safer for you to ask a New York Bitcoin lawyers to avoid doing anything wrong or illegal. The definition in this context is a bit complicated because cryptocurrencies are decentralized and sometimes it’s just impossible to find out who’s issuing or controlling it.

Even new types of transactions, like multi-sig dividing it between two parties and many other, are occupied by licensing as well. So, whether you want to keep your cryptocurrency-related business clear and legal, or don’t want to be afraid of your virtual money will be stolen or hacked, hiring the NY BitLicense lawyer will be the best idea.

Only a couple of law agencies in New York State offer their help to get BitLicense. At the Law Office of Yelena Sharova, our legal experts in cryptocurrency-related issues are ready to guide you through the continuous procedures and prepare all necessary documents for you to be sure you get your license and will provide your business in a legal way.

It’s also important to understand that developing the software is license-free only while you do nothing more. Writing an app for users is one activity, and using it by yourself is another. Ask your cryptocurrency lawyer about the difference and learn what actions are legal and what are actually not.

Even when you get the license, there is still much work as filling and storing all reports and making new ones every time you want to make a new product. All of your clients’ actions should be properly recorded and kept. Knowledgeable New York BitLicense lawyers at the Law Office of Yelena Sharova are ready to offer you high-quality expert help and answer all your questions about Bitcoin transactions and licensing to provide them. Don’t risk your money, your business and your future, contact Sharova Law Firm now for a free initial consultation.

Skilled NYC BitLicense Lawyer for Your Business To get a BitLicense, you should fill a special application which consists of over 30 pages and requires the deep understanding of the process. The application also costs $5000 no matter if it will be approved or declined. To apply for the license, you should provide your business history, all transactions and items, information about finances and procedures and so on. This procedure is complicated to go through without a BitLicense lawyer on your side, so don’t forget to get one for yourself. From the time it comes to life in August 2015, at least ten Bitcoin companies announced to stop their businesses because of new regulations, and more of them did it quietly. Don’t underestimate potential results that avoiding the licensing may cause to your business. Contact the Law Office of Yelena Sharova to get the necessary consultation and hire New York cryptocurrency lawyer to provide you with all the complicated procedures and obtain the license to save your business. Do you want to enter the cryptocurrency market or you are already an active player who wants to be protected from Bitcoin fraud and theft? Stop worrying about legal issues and let our skilled legal team do all the necessary work in your favor. Call us or contact through website form now to learn what our New York cryptocurrency lawyers can do for you and your business.