Bitcoin at a Crossroads - Tackling the BitLicense
Folks, I’ll be honest. No other news today really matters. Today is all about the BitLicense and the necessity of assertive and compelling public comments - coordinated or individual - to the NYSDFS in the coming weeks. Below is my breakdown and lengthy proposals for attacking the BitLicense’s deficiencies. "I think that regulations are better than no regulations although they may be inconvenient. It is the biggest hurdle for Bitcoin to reach mainstream. Therefore, all Bitcoin companies should embrace regulations and work with regulators. The requirements as proposed by the NYDFS are....
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The new BitLicense will open for a 30-day public comment period in just a few days. In a speech to the Bipartisan Policy Council, a Washington D. C. think tank, New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky told the world about the new BitLicense's impending release date as well as several planned changes. Also read: NYDFS's Ben Lawsky Reveals Plan for Transitional BitLicense at #Money2020. Changes in the new BitLicense. Notably, a new BitLicense is not required for consumers or merchants seeking to transact in Bitcoin; furthermore, Bitcoin-related software....
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....
Bitcoin company Xapo recently released its second comment letter on New York’s revised BitLicense. Additionally, the company has teamed up with other bitcoin industry leaders in submitting a combined comment letter to provide further feedback on the BitLicense proposal. After BitLicense was introduced by the New York Department of Financial Services (NYDFS) last year, Xapo released its first letter providing its comments. The NYDFS released its revised BitLicense proposal in February 25, 2015. Shortly afterward, on March 27, 2015 Xapo released its second BitLicense comments.
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....
Theo Chino, a Bitcoin entrepreneur has filed a lawsuit against NYDFS and its handling of BitLicense in the Supreme Court of the State of New York. For those who have been following the developments in cryptocurrency sector from past couple of years, the BitLicense fiasco is quite familiar. The cryptocurrency industry was in for a shock last year after the New York Department of Financial Services decided to implement regulations governing digital currencies, popularly referred to as BitLicense. With BitLicense coming into effect, companies in the sector either decided to comply with the....