New York State Department of Financial Services BitLicense

Two years later, the New York State Department of Financial Services issued its final BitLicense regulations with respect to virtual currency transactions.

Each Licensee is required to maintain and enforce written compliance policies, including policies with respect to anti-fraud, anti-money laundering, cybersecurity, privacy and information security, and any other policy required under the BitLicense regulations.

Each Licensee is required to maintain at all times minimum capital in an amount and form as determined by the NYSDFS superintendent to ensure the financial integrity of the Licensee and its ongoing operations based on an assessment of the specific risks applicable to each Licensee.

The composition of the Licensee's total assets, including the position, size, liquidity, risk exposure, and price volatility of each type of asset;.

The composition of the Licensee's total liabilities, including the size and repayment timing of each type of liability;.

Whether the Licensee is already licensed or regulated by the superintendent under the Financial Services Law, Banking Law, or Insurance Law, or otherwise subject to such laws as a provider of a financial product or service, and whether the Licensee is in good standing in such capacity;.

The financial protection that the Licensee provides for its customers through its trust account or bond and;.

The types of products or services to be offered by the Licensee.

Whether the Licensee has complied with the requirements of laws, rules, and regulations and;.

In addition to providing quarterly financial statements within 45 days following the close of the Licensee's fiscal quarter, each Licensee is required to submit audited annual financial statements, together with an opinion and an attestation by an independent certified public accountant regarding the effectiveness of the Licensee's internal control structure.