Regulators who may have a claim
New York regulates virtual currency business activity involving the state or its residents through the Department of Financial Services, and its BitLicense regime is among the most demanding in the country. Businesses that transmit value may also need to register with FinCEN as money services businesses and hold state money transmitter licenses, which bring anti-money laundering and customer identification duties. Whether a particular token is a security has been contested for years, and federal agencies' positions have shifted, so the answer for a specific asset needs current analysis. A federal stablecoin statute enacted in 2025 relies on agency rules and transition periods, so how it applies to a particular business, and how it fits with state regimes, should be checked against the current rules.
Mapping the activity before the rules
Digital asset compliance starts with a precise description of what the business does. Who holds customer assets and private keys, and whether the company issues or markets tokens of its own, are usually the questions that drive the analysis. Gather your terms of service, flow-of-funds diagrams, token documentation, and agreements with custodians, exchanges, and banking partners. Note where your users are located and whether you block any jurisdictions. Marketing materials matter too, since what a company says about returns or token value can affect how the securities laws view the asset.
Building a program that can change
Because the rules are moving, a compliance program in this area has to be built to adjust. In a first review we identify the licenses or registrations likely to apply, the activities that could be restructured to reduce licensing exposure, and the parts of the business that depend on unsettled questions. We look at your anti-money laundering program, sanctions screening, and how you would respond to a law enforcement request or a security breach. We also discuss whether and when to engage with regulators directly, which in New York can be part of the licensing process itself. Decisions made now should be documented with the reasoning behind them, so they can be revisited as guidance develops.
