New York’s BitLicense debuted in 2015 to mixed reviews. Many found the regulation to be too cumbersome and felt that crypto startups were being subjected to more onerous regulations than regular financial institutions. Others defended it on the grounds that it was necessary to protect consumers and help the crypto industry mature.
In action, the BitLicense was quick to change the landscape of New York’s crypto world. While the NYDFS received 22 applications in its first round, 15 companies also ceased operations in the state after the regulation was implemented. Five years later, only 25 entities carry the NYDFS stamp of approval.
CoinDesk has been following the journey of New York’s crypto regulation since the state began considering it seven years ago. What follows is a detailed timeline of events surrounding the infamous regulation, from the first signs of New York’s desire to regulate virtual currencies to the latest developments and license recipients.