Bank Supervisory Group Unveils BitLicense-esque National Regulation
The US Conference of State Bank Supervisors (CSBS) has produced a draft framework for its idea of digital currency regulation, and is now taking 60 days’ worth of public comments. The proposals come under the guise of suggestions, mirroring the organization’s position as a bystander with no direct influence on state policy. Commentators, however, have already likened much of the draft’s content to the New York Department of Financial Services’ BitLicense proposals. The CSBS writes introducing the draft: “After engagement with industry participants, state and federal regulators, and other....
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Bitcoin regulation looks imminent in Ukraine, with the release of its own BitLicense draft. Initial reception has been described as “surprisingly positive” by the country’s Central Bank and financial sector. Michael Chobanian, founder of the Kuna Bitcoin Agency and the Bitcoin Embassy in Ukraine, presented a report titled “Project for the Development of Bitcoin in Ukraine.” He submitted it at the extended session of the commission on the issue of individual payments board before the National Bank of Ukraine (NBU) held on May 27. Citing Bitcoin’s potential, as well as investor interest....
On October 2 the National Bank of Ukraine warned regional banks and executives of the certain risks using virtual currency. This comes after previous warnings in 2014 with the financial institution giving similar warnings. Due to the Bitcoin conference in Kiev many in the banking community have seen a surge of interest in the digital currency. This newly found enthusiasm can be seen with many participants at conferences and meetings held amongst the Ukrainian banking crowd. This news also comes after the National Bank of Ukraine invited PayPal, Apple Pay, and Google Wallet to their....
The Bitcoin regulation in New York will be affecting many digital currency companies for quite some time to come. And by the looks of it, one company is already halting all of their services in the state of New York, as a protest against the BitLicense regulation. ShapeShift feels the time has come to take a stand against this “immoral and unethical” regulation of Bitcoin. When the final version of New York’s BitLicense was revealed, many Bitcoin enthusiasts were rather unhappy with the outcome. It goes without saying this regulation could be very harmful to Bitcoin-related companies....
MonetaGo, one of the US-based Bitcoin exchanges, has announced they will be shutting down for good. The company tweeted that regulation was a key hurdle it could not overcome. UPDATE: MonetaGo confirmed they will only shut down the exchange part of the business. As most Bitcoin enthusiasts are well aware of, running a financial company in the US requires....
Circle Internet Financial Ltd., a Boston-based bitcoin startup backed by Goldman Sachs Group Inc., has become the first firm to receive a New York State BitLicense, allowing it to offer digital-currency services in New York. The issuance of the first BitLicense marks a victory for both Circle and the State of New York. The BitLicense is considered the most restrictive state regulation for bitcoin and has caused some bitcoin companies to discontinue serving New York State. The goal of the license is to provide a framework that allows digital-currency firms to build their services, but at....