In 2015, the New York State Department of Financial Services (the “Department” or “DFS”) issued its virtual currency regulation, 23 NYCRR Part 200, under the New York Financial Services Law. Since 2015, DFS has served as the prudential regulator overseeing virtual currency business activity in New York, granting both virtual currency licenses under Part 200 (“BitLicenses”) and limited purpose trust company charters, to ensure that New Yorkers have a well-regulated way to access the virtual currency marketplace and that New York remains at the center of technological innovation and forward-looking regulation. On June ... (full story)