New York's BitLicense Proposal: The View from China
Since the New York Department of Financial Services (NYDFS) released its proposed regulations for bitcoin businesses on 17th July, the wider digital currency community has been locked in a heated debate over what the passage of the policies would mean for the future of the nascent industry. As put forth by Bitcoin Foundation director Jon Matonis in a recent CoinDesk opinion piece, the growing consensus in the Western world, if one can be derived, is that the NYDFS framework goes too far, threatening to stifle innovation in its bid to protect consumers. If true, the NYDFS proposal could be....
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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....
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....
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....
On July 17, New York became the first state to attempt to regulate Bitcoin and other forms of cryptocurrency (referred to as virtual currency in the proposal). New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky announced the so-called BitLicense proposal on Reddit. While some in the Bitcoin community welcome regulation as a validation of Bitcoin's right to exist, the majority oppose it as the first roots of centralization. Beginning July 24, the public will have 45 days to give feedback to New York state regulators before the BitLicense draft is finalized. In true....
Xapo has announced that it will exclude customers residing in New York should the state's BitLicense proposal pass in its current form. Penned by founder and CEO Wences Casares, Xapo's blog post joins a growing chorus of bitcoin companies that have issued public statements on the matter. In August, on behalf of bitcoin services startup Circle, CEO Jeremy Allaire criticised issues in the proposal that he said could "discourage innovation". Casares builds on Allaire's arguments throughout, stating that while Xapo is not against smart regulation, New York's proposal overreaches. As a result,....