My paths have once again led me to the United States to New York over the past Christmas holidays and New Year’s Eve, the city that never sleeps. Of course, primarily to enjoy time with my family, but also – as always on my trips abroad – to experience current developments firsthand. For example, I was thrilled like a little child to sit in a Cybertruck for the first time in a TESLA showroom in New York.

New York is not only an impressive metropolis, but also the world capital of international capital, which has been setting the direction for the regulation of cryptocurrencies in the US for years. On November 15, 2023, the New York Department of Financial Services (NYDFS) published new standards for the listing of virtual currencies, which were introduced as early as 2015.

The BitLicense from New York sets the tone for regulation in the US. The NYDFS defines specific requirements that must be met by companies with business models in the field of virtual currencies. These companies are classified as „virtual currency entities“ (VCE) and receive an official license.

The criteria include, for example, the technological infrastructure of a crypto provider or a cryptocurrency, cyber security, management of market and liquidity risks, prevention of illegal financial transactions, as well as comprehensive compliance with other legal and regulatory conditions. Those who meet these requirements receive the coveted BitLicense. This includes large companies such as Bitpay, Bitstamp, Block, Coinbase, Paxos, Robinhood, and Ripple for XRP.

My conclusion: Regulation creates legal certainty. Bitcoin is increasingly transforming from a speculative instrument to a store of value. Altcoins like Ethereum are finding more and more applications in the financial and real economy due to their potential for decentralized financial services (DeFi).

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