BitLicense
By CoinGecko | Updated on Mar 03, 2020
According to New York State's Department of Financial Services, anyone engaging in any of the following activities will be required to obtain a BitLicense:
- Virtual currency transmission
- Storing, holding, or maintaining custody or control of virtual currency on behalf of others
- Buying and selling virtual currency as a customer business
- Performing exchange services as a customer business
- Controlling, administering, or issuing a virtual currency.
As of February 2020, consumers are not required to have a BitLicense to transact in virtual currencies. Merchants also do not require BitLicense to accept virtual currencies as payment.
https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses/bitlicense_faqs
Related Terms
51% Attack
An attack on blockchain by a group of miners controlling more than 50% of network hash rate
Directed Acyclic Graph (DAG)
Directed acyclic graphs refers to a data structure that is built in one single direction, yet branches out and never repeats.
Whale
Someone who holds an enormous amount of cryptocurrency and has the ability to wave the market
Stablecoin
Cryptocurrency with a price peg to fiat currencies or commodity.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.