New York State Mulls Implementing 'BitLicense' Requirement for Bitcoin Businesses
At the New York State Department of Financial Services hearing today, Superintendent of Financial Services Benjamin Lawsky reaffirmed that the State is indeed mulling implementing a 'BitLicense' of sorts to businesses that accept bitcoin and other digital currencies. "Ultimately, it's our expectation that the information we've gathered in this fact-finding effort will allow us to put forward, during the course of 2014, a proposed regulatory framework for virtual currency firms operating in New York," he said in his statement. "That is, in part, why we're evaluating whether our agency....
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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....
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....
Poloniex, a U. S. -based cryptocurrency exchange, has left New York due to the restrictions and limitations of the state's BitLicense. Including Poloniex, three bitcoin startups have shut down their operations in New York during the past few months and declined to comply with BitLicense, a set of rules that restricts operations of Bitcoin exchanges and demands startups to pay fees to operate legally. Size. For a relatively small exchange or startup like Poloniex, BitLicense's requirement for Bitcoin startups to pay a $5,000 non-refundable application fee to operate and continue their....
Eobot, a cryptocurrency cloud mining company, will not serve customers in New York State as of July 1, 2015, on account of the recently finalized New York State BitLicense requirements. "If you are residing in and/or accessing Eobot within the State of New York, U. S., please withdraw all coins and cease all mining with Eobot as of July 1, 2015, as we are ceasing all Eobot mining connections from within New York at that time," the company announced on its website. We regret that we must cease Eobot business within New York State, however the new BitLicense requirements in this state place....
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....