New York State Considering Proposals For Establishment of Regulated Bitcoin Exchanges
The New York State Department of Financial Services (NYDFS) announced on Tuesday that they would be begin considering proposals and applications for the establishment of bitcoin exchanges in the State. Such establishments would, of course, be subject to regulation. But more importantly, serve to pave the way to efficient (yet effective) oversight of such financial institutions in the nation's third-most populous state. "Firms may immediately submit formal proposals and applications to operate virtual currency exchanges in order to help expedite the process of putting in place greater....
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New York's Superintendent of Financial Services, Benjamin M. Lawsky, has issued a public order that confirms the state is now accepting applications for digital currency exchanges. Perhaps most notably, however, was that Lawsky indicated that these businesses will be regulated under new New York regulation, which he committed to having in place by the end of the second quarter of 2014. In his remarks, Lawsky struck his usual balance of at once recognizing the promise of digital currencies and stressing that related business activities need to be conducted in a responsible and lawful....
Although a number of proposals have been put forth by bitcoin exchanges, Hawaii's Division of Financial Institutions is debating if Bitcoin ought to be legal. Hawaii is currently debating proposals put forth by a number of applicants looking to become 'money transmitters' or bitcoin exchanges, according to Iris Ikeda, the commissioner of financial institutions in Hawaii. The Pacific Business News reports that the state's Division of Financial Institutions 'has strong reservations' about bitcoin, a cryptocurrency that is currently illegal for tender in the island state. Speaking to the....
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....