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
Mining
It is the process of the miners verify and adding transaction recors into a block.
Ethereum Virtual Machine (EVM)
Ethereum Virtual Machine (EVM) is the environment in which all smart contracts are executed.
Pay-Per-Last N Shares (PPLNS)
PPLNS system only pays miners after the pool has discovered the block. This means you'll only be compensated once the block has been discovered.
Variable Buy/Sell Tax
On-chain buy sell tax rate that is not fixed, whereby it is possible for contract owners to change at will.
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