New York (NY)
Overview
BitLicense (23 NYCRR 200) required plus MTL for crypto businesses. NYDFS regulates. Most stringent state framework in the US. NYDFS has issued over $400M in crypto-related penalties. Major enforcement actions against Bitfinex/Tether ($18.5M, 2021), Deutsche Bank ($150M for Epstein-related compliance failures), and multiple BitLicense violations. BitLicense regulation (23 NYCRR 200) enacted 2015, most comprehensive state-level crypto framework. Supplemented by 2023 guidance on stablecoins and 202
Regulatory Facts
New York -- BitLicense (23 NYCRR 200) required plus MTL for crypto businesses. NYDFS regulates. Most stringent state framework in the US.
Status: comprehensive
New York -- NYDFS has issued over $400M in crypto-related penalties. Major enforcement actions against Bitfinex/Tether ($18.5M, 2021), Deutsche Bank ($150M for Epstein-related compliance failures), and multiple BitLicense violations.
Status: active-enforcement
New York -- BitLicense regulation (23 NYCRR 200) enacted 2015, most comprehensive state-level crypto framework. Supplemented by 2023 guidance on stablecoins and 2024 proposed updates for DeFi oversight.
Status: comprehensive