NYDFS Expands Access to Nationwide Multistate Licensing System to Check Casher and Virtual Currency Firms

Beginning on October 1, 2018, financial service companies holding check casher and virtual currency business activity licenses may transition those licenses to the Nationwide Multistate Licensing System and Registry ("NMLS"). The New York Department of Financial Services stated that entities applying for new licenses will be able to apply through NMLS. NMLS, a web-based licensing system, allows entities to apply for, update, and renew their state licenses online.