BitLicense is a virtual currency business license that crypto enterprises must obtain before operating in the state of New York. The New York Department of Financial Services (NYDFS) issues BitLicenses, which primarily govern the commercial receipt, storage, and transfer of digital assets. As of 2020, only 25 had been granted, with recipients including Circle, Coinbase, Robinhood, and Square. BitLicenses are not required for companies chartered under New York banking law, such as Gemini.