Answer · confidence: partial

Which country regulators said in writing bitcoin exchanges need a license, and when?

Research question: Which national regulators have said in writing whether a bitcoin exchange operator must register or hold a license, and from what year?

The records show that FinCEN, the US national regulator, issued guidance on March 18, 2013 on applying its rules to virtual currency transactions ⁴. In a 2014 administrative ruling, FinCEN defined an 'exchanger' as a person engaged as a business in exchanging virtual currency for real currency, funds, or other virtual currency, and noted that exchangers may operate as money transmitters ³. The facts do not show FinCEN stating outright that a bitcoin exchange operator must register or hold a license, only that such operators may fall under money transmitter rules ³. The European Union's rules prohibit providing crypto-asset services without authorization as a crypto-asset service provider or as a specified regulated financial institution ⁵, but the facts give no year for that rule and the EU is not a single national regulator. The newest fact, dated July 20, 2026, concerns New York's state-level BitLicense rules and is about three months old as of October 2026 ¹¹.

Checked 2026-10-19. Only documented and supported facts are used.

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Sources

[1] documented

FinCEN issued an administrative ruling in 2014 stating that renting computer systems for mining virtual currency does not make the company a money transmitter under BSA regulations.

"FinCEN finds that the Company is not functioning as an administrator of virtual currency and that the Company’s renting of mining computer systems to third parties does not make the Company a money transmitter under BSA regulations."

FIN 2014 R007

[2] documented

FinCEN regulations specifically exempt from money transmitter status a person that only provides delivery, communication, or network data access services used by a money transmitter.

"The regulations specifically exempt from money transmitter status a person that only provides the delivery, communication, or network data access services used by a money transmitter to supply money transmission services."

FIN 2014 R007

[3] documented

FinCEN defines an 'exchanger' as a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency, noting that exchangers may operate as money transmitters.

"An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency. ... Both exchangers and administrators may operate as money transmitters depending on the specific facts and circumstances."

FIN 2014 R007

[4] documented

FinCEN issued guidance on March 18, 2013, regarding the application of its regulations to transactions in virtual currencies.

"On March 18, 2013, FinCEN issued guidance on the application of FinCEN’s regulations to transactions in virtual currencies (the “guidance”)."

FIN 2014 R007

[5] documented

Within the European Union, a person is prohibited from providing crypto-asset services unless they are authorized as a crypto-asset service provider or are a specific type of regulated financial institution allowed to do so.

"A person shall not provide crypto-asset services, within the Union, unless that person is: (a) a legal person or other undertaking that has been authorised as crypto-asset service provider in accordance with Article 63; or (b) a credit institution, central securities depository, investment firm, market operator, electronic money institution, UCITS management company, or an alternative investment f"

article 59 authorisation

[6] documented

Authorized crypto-asset service providers must maintain a registered office in a Member State where they conduct at least part of their services and have their effective management within the Union.

"Crypto-asset service providers authorised in accordance with Article 63 shall have a registered office in a Member State where they carry out at least part of their crypto-asset services. They shall have their place of effective management in the Union and at least one of the directors shall be resident in the Union."

article 59 authorisation

[7] documented

Undertakings that are not legal persons may only provide crypto-asset services if their legal form offers equivalent protection to third parties and they are subject to equivalent prudential supervision.

"For the purposes of paragraph 1, point (a), other undertakings that are not legal persons shall only provide crypto-asset services if their legal form ensures a level of protection for third parties’ interests equivalent to that afforded by legal persons and if they are subject to equivalent prudential supervision appropriate to their legal form."

article 59 authorisation

[8] documented

Competent authorities granting authorizations must ensure that the authorization explicitly specifies which crypto-asset services the provider is permitted to offer.

"Competent authorities that grant authorisations in accordance with Article 63 shall ensure that such authorisations specify the crypto-asset services that crypto-asset service providers are authorised to provide."

article 59 authorisation

[9] documented

Crypto-asset service providers are permitted to operate across the entire Union through the right of establishment or freedom to provide services without needing a physical presence in the host Member State.

"Crypto-asset service providers shall be allowed to provide crypto-asset services throughout the Union, either through the right of establishment, including through a branch, or through the freedom to provide services. Crypto-asset service providers that provide crypto-asset services on a cross-border basis shall not be required to have a physical presence in the territory of a host Member State."

article 59 authorisation

[10] supported

The New York Department of Financial Services (DFS) requires BitLicense applicants to separately apply for a Money Transmission License if they engage in fiat currency transmission.

"DFS states that “[a]n applicant for a BitLicense must separately apply for a Money Transmission License,” and that “many BitLicensees engage in the transmission of fiat currency (e.g., U.S. dollars), which requires them to hold a money transmission license under New York Banking Law Article 13-B.”"

Crypto License Requirements by State: 2026 Map

[11] supported

New York's BitLicense regulation prohibits unlicensed persons from engaging in Virtual Currency Business Activity.

"23 N.Y.C.R.R. § 200.3(a) (“No Person shall, without a license obtained from the superintendent as provided in this Part, engage in any Virtual Currency Business Activity. Licensees are not authorized to exercise fiduciary powers, as defined under section 100 of the Banking Law.”)"

Crypto License Requirements by State: 2026 Map