Assets, Bitcoin

Is Bitcoin Illegal in New York?

As of 2019, Bitcoin is legal in New York. There is no state law prohibiting the use of Bitcoin or other cryptocurrencies.

However, the New York State Department of Financial Services has issued guidance on the use of cryptocurrencies. The department has cautioned businesses and consumers about the risks associated with virtual currencies, including price volatility, fraud, and cybercrime.

While Bitcoin is legal in New York, businesses that deal in virtual currencies must obtain a BitLicense from the state Department of Financial Services. The license is necessary for companies that want to engage in activities such as selling, storing, or transacting cryptocurrencies.

To date, only a handful of businesses have been granted a BitLicense.

The legality of Bitcoin in New York is currently unsettled. However, the state Department of Financial Services has taken a cautious approach to regulation.

Businesses that deal in virtual currencies must obtain a license from the state, and consumers should be aware of the risks associated with these assets.

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