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
Virtual AMM (vAMM)
The vAMM functions similarly like an AMM but does not contain an actual asset pool.
Kimchi Premium
The kimchi premium is the price difference between South Korean exchanges and other global exchanges for bitcoin.
Gas
A unit of measurement of the computational effort in conducting transactions or smart contracts on Ethereum blockchain.
InterPlanetary File System (IPFS)
The InterPlanetary File System (IPFS) is a peer-to-peer network and distributed file system protocol for storing and transferring data.
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