New York is the first to issue a Bitcoin license

The New York State Department of Financial Services recently announced that it has issued a business license to Bitcoin trader ItBit Trust Company LLC, making it the first Bitcoin company to obtain a business license in the state. This is also the first regulation in the United States to regulate Bitcoin and other virtual currencies.

Benjamin M. Lawsky, director of the New York State Department of Financial Services, said the new regulations will minimize Bitcoin money laundering crimes and create a legal and healthy virtual currency trading environment in the state.

It is reported that ItBit Trust Company LLC, which has obtained a Bitcoin business license, can start operations from now on, but it needs to fulfill the obligations stipulated in New York State law and the upcoming BitLicense Act.

The New York State Department of Financial Services is expected to issue the final version of the BitLicense Act, which regulates the licensing of Bitcoin and other virtual currencies, later this month. In the future, other states are likely to follow suit and introduce similar regulations.

The concept of Bitcoin was first proposed by Satoshi Nakamoto in 2009. It is a P2P digital currency. Bitcoin began to explode in the second half of 2013, and along with it, other altcoins such as Litecoin and Dogecoin were hyped up. At its peak, the price of Bitcoin rose to $1,000, and it was believed that it could one day replace legal tender. But in 2014, we witnessed its decline, mainly due to government suppression, and the collapse of the Mt.Gox trading website was a landmark event.