BitLicense Framework to Hurt Bitcoin Companies?
The New York State Department of Financial Services announced revisions for its BitLicense framework, which was revealed to bitcoin companies last year. The regulation has a 30-day comment period before it is will be finalized then implemented. The latest revisions still prompted some concerns from bitcoin companies, particularly the startups. According to Boost VC CEO Adam Draper, the information gathered from such companies must be limited and he launched a petition to gain more support for this proposal. In addition, he proposed that BitLicense should require the government to avoid....
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Genesis Mining has decided to discontinue its Bitcoin mining services in New York, following the enactment of the state's regulatory framework BitLicense. In the blogpost released Wednesday, the contract mining company thrashed the license for impeding the growth of Bitcoin startups, stating that it has been created to intentionally hurt the companies associated with digital currencies. It further accused BitLicense for bringing guidelines that are complex, expensive and impossible to comply with. Except: "We stand by the cryptocurrency community and believe this particular piece of....
Last updated: 25th August. Cryptocurrency companies that operate in, or serve customers who are based in, New York State had until 8th August to apply for a BitLicense. Established by the New York State Department of Financial Services (NYDFS), and now in effect, the BitLicense is a custom-made regulatory framework for bitcoin and digital currency businesses. CoinDesk is keeping track of both the companies that apply for a BitLicense and those that decide to cease operating in the state. Use the buttons below to switch between (a) a table showing companies that have applied for the....
Boost VC CEO Adam Draper has launched a petition seeking a number of changes to New York's proposed BitLicense framework. The petition calls for New York regulators to limit the amount of information they gather on virtual currency startups to what is mandated by federal standards; that the BitLicense avoid using duplicative language already enshrined in federal law; and that regulators give their approval for what Draper calls a "sandbox of innovation in the financial markets". In a video accompanying the petition, Draper stated that the changes are needed to reduce startup costs for....
Following its implementation earlier this year and the exodus of some bitcoin companies from New York, the BitLicense framework granted its very first regulatory license to mobile payments company Circle this week. With this, Circle can now be able to offer its service that allows sending, receiving, and holding U. S. dollars and bitcoin. Circle Internet Financial Ltd. was founded by Jeremy Allaire two years ago and is backed by Goldman Sachs Group Inc. It is now the first startup legally allowed to offer digital currency services in the state of New York. New York BitLicense Framework.....
Benjamin Lawsky, who recently stepped down from his post as NYDFS chief, has drawn a lot of criticism for his BitLicense framework. This set of rules is designed to oversee the operations in the digital currency industry and requires companies to secure licenses before proceeding with their product offerings. Much has been said about the additional costs entailed for securing regulatory approval for each bitcoin product offered in the New York state, as this would be a disadvantage for startup companies. Apart from that, critics also say that it requires too much information from companies....