BitLicense was the very first law ever imposed on cryptocurrency by the United States back in August 2015. BitLicense regulates a wide spectrum of crypto activity including provisions of exchange services, transmission for the cryptocurrency as well as defining a digital asset.

BitLicense was issued by the Department of Financial Services of New York. BitLicense has become a must-have for any resident or non-resident carrying out cryptocurrency activity in the state of New York.

Although BitLicense received a lot of backlash from the crypto community over the regulatory law, a wider adaptation of such a regime seems inevitable.