NYDFS Expects Final BitLicense 'Very Soon'

NYDFS Expects Final BitLicense 'Very Soon'

The New York State Department of Financial Services (NYDFS) suggests it is moving steadily toward the release of a finalized BitLicense under which digital currency businesses would be regulated in the state. Following the end of a comment period in late March, NYDFS deputy superintendent for public affairs Matt Anderson indicated that the NYDFS is processing responses from its final round of open community feedback. Anderson told CoinDesk: "We take some time to review the comments for potential changes or modifications, and hopefully [will] publish a final rule soon." Anderson suggested....


Related News

NYDFS's Ben Lawsky Reveals Plans for Transitional BitLicense at #Money2020

As revealed for the first time earlier today, The New York Department of Financial Services plans to give "transitional BitLicenses" to certain smaller digital currency companies seeking to do business in New York. NYDFS Superintendent Ben Lawsky gave some updates to the NYDFS's proposed BitLicense regulatory framework during his keynote speech at Money20/20. Lawsky repeated that Bitcoin software developers and individual users would not have to apply for a BitLicense. Lawsky also emphasized that individuals miners and even large mining pools would not need to apply for a BitLicense, this....

BitLicense Comment Period Closes with Final Input from Circle, BitPay

Just in time for the closing of the comment period for New York State's 'BitLicense' proposal today, bitcoin companies Circle and BitPay managed to have the final say on the matter - for now. In their comments, both companies expressed a number of similar concerns over the BitLicense, specifically provisions they perceive as burdensome regulation that could stifle competition and innovation. The BitLicense initiative was launched by the New York Department of Financial Services (NYDFS) earlier this year and has been championed by NYDFS superintendent Ben Lawsky since then. The initial....

New York Releases Final BitLicense

The New York State Department of Financial Services (NYDFS) released the final version of its long-awaited regulatory framework for digital currency companies today. The final release of the BitLicense follows nearly two years of fact-finding and debate. The NYDFS began crafting the rules after it determined the technology should not be regulated under existing state law. The bill will not become law until its publication in the New York state register, a weekly government-issued guide to proposed rulemakings. Agency approval. In remarks issued by NYDFS at the BITS Emerging Payments Forum....

NYDFS BitLicense is The Mark of the Beast? Request for BitLicense Extension

Barry Silbert, CEO of SecondMarket, has posted an official letter requesting that the NYDFS extend the deadline for filing public comment by 45 days, on their "BitLicense" proposal. He urges affected companies and individuals to sign. Currently, the list of signatures includes many A-Listers such as Elizabeth Ploshay, a board member of the Bitcoin Foundation, Erik Voorhees, several prestigious universities such as Harvard and Stanford, and of course Barry Silbert himself. The more signatures the letter receives, the greater the chances we have to help shape or oppose the NYDFS BitLicense....

IdentityMind Global™ Advises on BitLicense Compliance

When the New York Department of Financial Services (NYDFS) released the final draft of BitLicense, the community worried about Bitcoin companies having trouble complying with the law. Digital currency administrators, exchanges, and traders have 45 days to apply for BitLicense; however, many of them might not be able to meet the requirements of BitLicense. In such situations, IdentityMind Global™ may help companies by providing a BitLicense compliance management platform. As the latest anti- money laundering requirements put forward by the New York Department of Financial Services (NYDFS)....