New York Now Accepting Applications for Digital Currency Exchanges
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....
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Benjamin Lawsky fights for regulation of cryptocurrency exchanges in state of New York. In an official statement made last Tuesday, the financial authorities of New York said that they would soon begin accepting applications for virtual currency exchanges. These would include those dealing in Bitcoins. This is a consequence of regulator's growing interest in the technology. It was Benjamin M. Lawsky, the city's Superintendent of Financial Services who issued the public order. Need for stronger oversight. In the light of the demonstrated need for stronger oversight of virtual currency....
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....
Missed out on your digital currency news this week? Here are all the headlines you need to know: Mt. Gox files for bankruptcy protection in the US: the Japan-based bitcoin exchange has filed for Chapter 15 Bankruptcy protection in the United States. Chapter 15 bankruptcy is based on a UN model law that provides specific protections in cases of cross-border insolvency. Developments on bitcoin regulations around the world: New York is now accepting applications for digital currency exchanges while Singapore is planning to regulate bitcoin exchanges and ATMs. Huobi to start trading litecoin:....
Jonathan Levine Gallery, one of the more prestigious art galleries in New York City, is now accepting cryptocurrency payments in the form of Dash (Digital Cash). The choice for digital currency payments was made due to their instantaneous transactions and ease-of-use, compared to dealing with cash payments or bank transfers. The name Jonathan Levine Gallery is renowned in the New York area, as underground art with a unique counterculture point of view takes center stage at this location. Jonathan Levine, the man himself, has made quite a name for himself over the past two decades. His....
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....