China's "Big Three" Bitcoin Exchanges Agree that BitLicense Proposal “Could Be Very Damaging to the Industry”
Regarding the issue of the global influence that the current BitLicense proposal would have on Bitcoin-related businesses throughout the world, Lawsky said to be welcoming"as many points of views as possible" in order "to make the best decisions possible." China's "Big Three" Bitcoin exchanges BTC China, Huobi and OKCoin, transmitted their joint-comments regarding the BitLicense proposal, a series of rules which were designed to regulate virtual currency-related businesses, submitted in late-July by the New York State Department of Financial Services. "Licensee's affiliates should have no....
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In a true show that bitcoin is global, China's "Big Three" bitcoin exchanges have come together in order to release joint comments on the recently-released BitLicense proposal from the New York Department of Financial Services (NYDFS). Those exchanges, BTC China, Huobi, and OKCoin say that their are some fundamental issues with the proposals - which are currently in the midst of a 45-day commenting period. They write: We express our great appreciation for the historic move by you and the NYDFS to propose a tailored regulatory framework for the virtual currency industry. While we are....
China's 'Big Three' bitcoin exchanges, OKCoin, BTC China and Huobi, have joined forces to submit feedback to Benjamin Lawsky, superintendent of the New York State Department of Financial Services (NYDFS), regarding his agency's recent BitLicense proposal. In a newly published open letter, the three companies criticized the broad reach of the regulations, stating they should only apply to businesses with meaningful connections to New York. Signed by company CEOs Bobby Lee of BTC China, Lin 'Leon' Li of Huobi and Mingxing 'Star' Xu of OKCoin, the letter said: "While we are companies....
On Thursday morning July 17, the NYSDFS issued the first draft of their proposal for the BitLicense that companies must obtain in order to do business with New York Residents. I decided to wait an entire week to absorb all the information in an attempt to clear up some of the confusion in the wording; for both myself and those interested in Bitcoin who are relying on people with experience to guide them. What we are all learning is that no matter how complicated something might be, there is always a way to make it more complicated by adding a layer of laws and regulation no two lawyers....
Bitcoin company Xapo recently released its second comment letter on New York’s revised BitLicense. Additionally, the company has teamed up with other bitcoin industry leaders in submitting a combined comment letter to provide further feedback on the BitLicense proposal. After BitLicense was introduced by the New York Department of Financial Services (NYDFS) last year, Xapo released its first letter providing its comments. The NYDFS released its revised BitLicense proposal in February 25, 2015. Shortly afterward, on March 27, 2015 Xapo released its second BitLicense comments.
The BitLicense is continually evolving; today, the NYDFS has clarified that Bitcoin software developers do not need to apply for a BitLicense. Additionally, the official comment period on the proposed BitLicense regulations by the NYDFS has again been extended to accommodate the anticipated revised proposal. The NYDFS has promised to have a revised proposal for the public by the end of October. Lawsky spoke today at the Benjamin N. Cardoza School of Law in New York City with a panel of digital currency experts. By admitting the areas that the NYDFS does not wish to over-extend into,....