A Business Continuity and Disaster Recovery (BCDR) plan is one essential step in achieving a BitLicense through The New York State Department of Financial Services (NYDFS). Each plan must describe the Bitlicensee’s process for securely storing documents and data and for protecting critical infrastructure in the event of an emergency. The licensee must also maintain backup facilities, records, and data as identified in the BCDR plan so the business may continue in some capacity.

In a disaster scenario, the licensee is obligated to report a breach or emergency to the pertinent authorities. !Info: The NYDFS exempts software companies, merchants, and consumers who merely use virtual currency for payments or investments. NYDFS does not require BCDRs from software companies, merchants, and consumers who merely use virtual currency for payments or investments.