New York state is considering issuing 'BitLicenses' to bitcoin businesses
The term 'BitLicense' has officially entered into the lexicon of virtual currency terminology. The New York State Department of Financial Services (NYDFS) is considering issuing such a framework in order to regulate distributed electronic money such as bitcoin. The department, which is planning on holding an upcoming hearing regarding virtual currencies at an as-yet-unspecified date, expects to bring up the possibility of licensing the business of virtual currency money transmission. In August, it subpoenaed 22 bitcoin-related companies requesting information about the way in which they....
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The New York State Department of Financial Services (NYDFS) will hold public hearings on the regulation of digital currencies on 28th and 29th January in New York City. It will also discuss potentially issuing something it calls "BitLicenses" as a regulatory requirement specific to businesses in the "virtual" currency field. Financial Services Superintendent Benjamin M. Lawsky issued a notice yesterday inviting members of the press and public to attend the hearings, which will include witnesses presenting before an inquiry as well as panel discussions. The notice warned that space would be....
The time constraints still apply, but at least the Bitcoin community has been promised a fuller description of what New York thinks the benefits of its proposed BitLicenses program would be. On Wednesday, the Foundation announced that the New York Department of Financial Services had promised to deliver more information on its BitLicenses proposal, though a 45-day limit remains in effect. The Bitcoin Foundation’s request — filed on Tuesday — included “a clear statement of the ‘needs and benefits’ for proposed regulations.” The Foundation’s letter also suggested the NYDFS develop “an....
Citing “a significant amount of public interest” in the Department of Financial Services’ proposed regulatory framework for cryptocurrency businesses, the State of New York has extended the window for which it will hear comments by 45 days. Comments will now be due by Oct. 21 instead of early September. “It’s obvious that this is a novel regulation. […] It’s really the collision of banking regulations with new technology, and we want to make sure we get it right.” The move comes less than two weeks after the NYDFS promised the Bitcoin Foundation more information regarding the projected....
The recent publication of 'BitLicenses' proposals by the New York State Department of Financial Services (NYDFS) and its superintendent Benjamin Lawsky may be the most controversial talking point to hit bitcoin in its history. Only a few weeks have passed since the proposals were released, but the response has been strong from New York businesses to those far away. The NYDFS initially opened a 45-day window for those in the digital currency industry to respond and provide recommendations based on the proposal. The time was noticeably short, given the diversity of affected participants in....
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....