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....
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Recently, Ben Lawsky, the Superintendent of the New York Department of Financial Services (NYDFS) released the final draft of the infamous BitLicense. This piece of regulation would place a set of restrictive requirements upon Bitcoin businesses operating in new york. The most controversial of the code’s stipulations include fingerprinting company employees, monitoring customer activity, and strict capital requirements. This final version of BitLicense is the third draft of the bill, the result of modifications made to two previous versions. Most of the revisions that happened in the first....
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....
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....
The New York State Department of Financial Services (NYDFS) has officially adopted the BitLicense following the framework's publication in the New York State Register. Now in effect, the BitLicense makes New York the first US state to formally launch a custom-made regulatory approach to bitcoin and digital currencies. The publication in the register also kicks off a 45-day grace period, during which time companies and individuals that offer digital currency services to New York residents must apply for a BitLicense. The application deadline is 8th August. Obtaining the BitLicense means....
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....