BitLicense Application Released by New York State
The New York Department of Financial Services has released the application for a "License to Engage in Virtual Currency Business Activity" more commonly known as the Bitlicense. You can view it here (PDF). Bitlicense Controversy. The Bitlicense application is 31 pages. I just checked my handy bible, and Genesis is only 33 pages. God needed 2 more pages to create the world than Ben Lawsky needs to vet Bitcoin companies. In case you're not familiar, Ben Lawsky is a former regulator who is primarily responsible for the new virtual currency regulations in New York. Eric Voorhees, CEO of....
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The New York State Department of Financial Services (NYDFS) has released the application forms that Bitcoin companies in the state must complete by August 8 in order to register their businesses. The BitLicense was formally adopted earlier this week through publication in the New York State Register. All Bitcoin firms must now complete the 31-page application form and pay a non-refundable US$5,000 application fee in order to continue operating. Jesse Powell, co-founder and CEO of Kraken, said heavy compliance costs on digital currency exchanges made it more difficult to operate profitable....
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....
Coinbase has submitted an application for a BitLicense in New York State, making it one of the leading bitcoin businesses to seek the necessary regulatory approval. Coinbase advised CCN of its action in the wake of plans by other cryptocurrency businesses - such as LocalBitcoins, BitFinex and Kraken - to bolt New York due to the controversial regulation. The law prohibits the sale of bitcoin without a license. "We can confirm that Coinbase has submitted a BitLicense application," a Coinbase spokesman told CCN. "The process was a significant undertaking, but we're fortunate to have the....
Yet another bitcoin startup left New York State and declined to comply with the BitLicense. BitFinex, the largest cryptocurrency trading platform in the U.S has followed the lead of Poloniex and Shapeshift, announcing the closure of their operations on their blog this week. The BitFinex team wrote: BitLicense requires any digital currency related startups and exchanges to pay US$5,000 in application fees, US$20,000 in legal fees. “Due to financial regulation changes in the State of New York, certain Bitfinex services are no longer available for New York Residents. Bitfinex is not applying....
BitLicense has been a huge pain to many bitcoin and digital currency based startups operating in the State of New York. Once BitLicense was made mandatory and the deadline to apply for BitLicense surpassed, few of the companies decided to withdraw their services from New York while other companies who considered New York to be an important market decided to stick on and apply for it. Circle, a bitcoin based money transfer application was one among the many bitcoin companies that applied for BitLicense and recently it went on to become the first company to receive BitLicense from New York....