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A License is the common term used for a business license of virtual currency activities, issued by the New York State Department of Financial Services (NY SDFS) under regulations designed for companies. The regulations are limited to activities involving the state of New York or a New York resident.
No. A consumer does not need a License in order to purchase goods or services with virtual currency. Does a merchant need a License in order to accept virtual currency as payment for goods or services? ... A merchant does not need a License in order to accept virtual currency as payment for goods or services.
Many cryptocurrency companies such as Kraken do not operate in New York because the state requires them to have a License from the New York State Department of Financial Services.
A second exchange, Coinbase, is also approved to trade Bitcoin, even in New York State. Anyone can establish an account on Coinbase and buy Bitcoin with USD.
Coinbase, Inc., located at 100 Pine St Suite 1250, San Francisco, CA 94111, is regulated and licensed as a money transmitter by the New York State Department of Financial Services.
The New York Business Journal called this the “Great Bitcoin Exodus”. In September 2015, Boston-based Circle was granted the first License, although in December 2016 the company had pivoted away from its bitcoin exchange to focus more on payments. ... On 22 March 2017, Coinbase was awarded the second License.
Coinbase Exchange is only available in select U.S. states (plus Washington D.C. and Puerto Rico), which currently includes: Alabama, Arizona, Arkansas, California, Colorado, Delaware, District of Columbia, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Maine, Massachusetts, Mississippi, Missouri, Montana, Nebraska, ...
In a nutshell, bitcoin payment services, or bitcoin merchant services, enable merchants and businesses to receive payments in bitcoins from individuals for the goods and services being sold or delivered.
Bitcoin is an innovative digital payment method, performed over a peer-to-peer network. ... Buyers simply pay the Bitcoin amount (at the current rate of exchange) during checkout.
Bitcoin technology is created in a way that disallows payment reversal or chargebacks. A wallet has a set amount of money in it, and customers pay from their wallet to yours. Payments are a one-way only transaction, so you can't lose money due to stolen credit cards.
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