Mapping out New York's regulatory/licensure ecosystem

The New York crypto ecosystem is no stranger to heavy regulations and recommendations proposed and enforced by legislators. To function as a member of the crypto community, whether as an individual or as a conductor of Virtual Currency Business Activity, it is important to understand the regulations and the concepts of licensures, Licensees, the 'Greenlist,' and the regulation set forth in N.Y. Comp. Codes R. & Regs. Tit. 23 § 200.

The regulatory environment surrounding the New York cryptocurrency ecosystem has been evolving since crypto companies first filed for Money Transmitter Licenses back in 2013. Any person or company conducting Virtual Currency Business Activity must attain a BitLicense as stated under the N.Y. Comp. Codes R. & Regs. Tit. 23 § 200, which contains regulations in application to the conduct of business dealing with virtual currency. Virtual Currency Business Activity is sectioned into five categories, which New Yorkers or companies dealing with or in New York may find themselves fitting into. These categories include transmitting or receiving cryptocurrency for transmission, managing cryptocurrency for another, buying and selling cryptocurrency as a customer-centric business, carrying out exchange services for customers, or controlling or minting virtual currency (although the act of mining itself does not require a BitLicense).