The New York State Department of Financial Services has finally published the official version of BitLicense 2.0. The first version net with criticism from many representatives of the US bitcoin industry in the summer of 2014.


The 46-page document is available at the official website of the Department of Financial Services. It starts with a definition of digital currency (New York officials use the term “digital units”) and with a description of the application procedure.

Applicants must name all stakeholders of their firm and describe the company’s activities.

BitLicense 2.0 also introduces the term “conditional license”. This is a partial license for bitcoin activity that can be defined by the regulator (superintentedent). The superintendent may remove any condition from this type of license or revoke it at any moment. The cost of an application is five thousand dollars.
New version obliges bitcoin enterpreneurs to keep all their records.
Each Licensee shall, in connection with its Virtual Currency Business Activity, make, keep, and preserve all of its books and records in their original form or native file format for a period of at least seven years from the date of their creation and in a condition that will allow the superintendent to determine whether the Licensee is complying with all applicable laws, rules, and regulations.
Holders of BitLicense should notify the Department about any transaction which exceeds $10000

When a Licensee is involved in a Virtual Currency transaction or series of Virtual Currency transactions, including transactions for the receipt, exchange, conversion, purchase, sale, transfer, or transmission of Virtual Currency, in an aggregate amount exceeding the United States dollar value of $10,000 in one day, by one Person, the Licensee shall notify the Department, in a manner prescribed by the superintendent, within 24 hours.

According to the new version, licensed bitcoin entrepreneurs will need to keep detailed records for at least 7 years:

 BitLicense 2.0 reintroduces old "verification of identity" demand with a new condition. Bitcoin firms will need to check driver's license or any other document in the case of "transaction with a value greater than $3,000."

Αccording to the final part of the document, any person engaged "in Bitcoin activity" in New York should obtain a license in 45 days since the publication of the document.