BitLicense Revisions
On Wednesday, February 4, Ben Lawsky, the Superintendent of the New York Department of Financial Services (NYDFS), released the revised version of the infamous BitLicense. This piece of regulation will require all Bitcoin businesses in New York that deal with transmitting Bitcoin, and exchanging it for fiat, to obtain a license. Holding a license will require businesses to comply with several stipulations, the major ones being capital requirements, record keeping standards, an Anti Money Laundering program, and a Cybersecurity program. BitLicense was initially announced in the summer of....
Related News
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....
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....
New York financial regulator Benjamin Lawsky today announced his revisions to the proposal for bitcoin regulations outlined in the BitLicense documents released earlier this year. Having initially drawn criticism from the digital currency community, Lawsky agreed to take another look at the details and announced the revisions today. The initial subject addressed was who would be required to obtain a BitLicense - namely only financial intermediaries. This means developers, miners and individuals who hold BTC for personal retail or investment use will not be required to get a BitLicense.....
Benjamin M. Lawsky announced the latest revisions to the draft BitLicense today in Washington, DC, presenting a host of changes in response to reactions from its public comment period. The New York State Department of Financial Services (NYDFS) superintendent delivered the news this morning during a keynote speech hosted by think tank Bipartisan Policy Center, where he touched on the regulatory landscape surrounding digital currencies and other payment technologies. Lawsky first clarified which players in the digital currency community and industry would be required to obtain the....
In the summer of 2014 Coinbase, a bitcoin wallet and exchange service, proposed changes to the BitLicense draft, which was proposed by the New York State Department of Financial Services (NYDFS). The bill was opened up to a 30-day comment period at which time Coinbase submitted a 15 page proposal for changes to the draft. In December, the NYDFS’s released its revised BitLicense, and while many agree it’s a step in the right direction, Coinbase believes it falls short. Overall the revised BitLicense is encouraging. It shows the NYDFS willingness to listen and respond to feedback from the....