Top 5 Issues With The NYSDFS BitLicense Proposal
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....
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BitLicense has been there on the news for a while now and recently the outgoing superintendent of New York State Department of Financial Services (NYSDFS) announced the final version of the BitLicense. By finalizing the BitLicense after almost a year of deliberations and amendments, NY became the first State in the United States to regulate cryptocurrency based businesses. Once the BitLicense regulations come into effect in full force, any Bitcoin or digital currency related business wishing to set shop in the State of New York would have to gain approval from the NYSDFS after meeting all....
Circle Internet Financial isn't the only bitcoin company to issue remarks on the proposed BitLicense regulations put forth by the New York Department of Financial Services (NYDFS) today. Read: Circle Issues Remarks on BitLicense Ahead of Comment Period Deadline. Atlanta, Georgia-based BitPay also issued remarks today, submitting them to NYDFS Superintendent Benjamin Lawsky, just one day before the public commenting period on the proposal comes to a close (Tuesday, October 21st). The five-page document, authored by BitPay Chief Compliance Officer Tim Byun, covers a number of topics relating....
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....
Folks, I’ll be honest. No other news today really matters. Today is all about the BitLicense and the necessity of assertive and compelling public comments - coordinated or individual - to the NYSDFS in the coming weeks. Below is my breakdown and lengthy proposals for attacking the BitLicense’s deficiencies. "I think that regulations are better than no regulations although they may be inconvenient. It is the biggest hurdle for Bitcoin to reach mainstream. Therefore, all Bitcoin companies should embrace regulations and work with regulators. The requirements as proposed by the NYDFS are....
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.