BitLicense is widely recognized as one of the most demanding regulatory approvals in the U.S. crypto industry due to its high standards for compliance, cybersecurity, and financial controls.

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The entire licensing process is not just tough, it provides a high bar for compliance, cybersecurity, and financial controls. As a result, BitLicense has emerged as one of the toughest regulatory approvals for crypto firms.

Back in the day, my firm had some clients who abandoned the BitLicense application process because of the difficulty,” said crypto attorney James Murphy, known as MetaLawMan on X.