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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

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Related Terms

Protocol
The set of rules in a network in which participating members comply to allow proper communication.
Utility Token
cryptocurrency tokens with specific utilities on a network besides being used as medium of exchange and investment vehicle.
Arbitrage
A strategy where investors buy a currency in a market and sell it at a higher price in another market to gain profit.
Seed
A value used to initiate generation of pseudorandom number, ususally a string of 12 commen English words.
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