BitLicense is a business license for any company or person that uses cryptocurrency, digital currency and/or virtual currency while residing in the state of New York.  This has become commonly known as a “BitLicense”.

    Only a few BitLicense’s have been awarded to date; some organizations include: Ripple, Coinbase and Gemini. New York State Department of Financial Services first released details of BitLicense on July 17th, 2014.