New York Reveals BitLicense Framework for Bitcoin Businesses
The New York Department of Financial Services (NYDFS) has released its long-anticipated list of proposed rules and regulations that will be required for New York-based bitcoin businesses. The announcement came via a Twitter post from Benjamin M Lawsky, New York State's first Superintendent of Financial Services, who oversaw two regulatory hearings with digital currency leaders in January of this year. Notably, the document states that bitcoin businesses that receive, transmit, store or convert virtual currency for customers; buy and sell virtual currency as a customer business; control,....
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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....
UPDATE (10th August 10:16 BST): Since the publication of this article, bitcoin exchanges Kraken and Bitfinex have also confirmed they will not apply for a BitLicense to operate in New York. Bitcoin businesses wanting to continue serving New York residents have approximately 24 hours left to file their BitLicense application. The deadline, set for 8th August, marks the end of a 45-day grace period following the publication of the BitLicense in the New York State register. Formulated by the New York State Department of Financial Services (NYDFS), the long-awaited regulatory framework has....
Following its implementation earlier this year and the exodus of some bitcoin companies from New York, the BitLicense framework granted its very first regulatory license to mobile payments company Circle this week. With this, Circle can now be able to offer its service that allows sending, receiving, and holding U. S. dollars and bitcoin. Circle Internet Financial Ltd. was founded by Jeremy Allaire two years ago and is backed by Goldman Sachs Group Inc. It is now the first startup legally allowed to offer digital currency services in the state of New York. New York BitLicense Framework.....
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....
Last updated: 25th August. Cryptocurrency companies that operate in, or serve customers who are based in, New York State had until 8th August to apply for a BitLicense. Established by the New York State Department of Financial Services (NYDFS), and now in effect, the BitLicense is a custom-made regulatory framework for bitcoin and digital currency businesses. CoinDesk is keeping track of both the companies that apply for a BitLicense and those that decide to cease operating in the state. Use the buttons below to switch between (a) a table showing companies that have applied for the....