China's "Big Three" Bitcoin Exchanges Jointly Comment on NYDFS BitLicense Proposal
In a true show that bitcoin is global, China's "Big Three" bitcoin exchanges have come together in order to release joint comments on the recently-released BitLicense proposal from the New York Department of Financial Services (NYDFS). Those exchanges, BTC China, Huobi, and OKCoin say that their are some fundamental issues with the proposals - which are currently in the midst of a 45-day commenting period. They write: We express our great appreciation for the historic move by you and the NYDFS to propose a tailored regulatory framework for the virtual currency industry. While we are....
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Regarding the issue of the global influence that the current BitLicense proposal would have on Bitcoin-related businesses throughout the world, Lawsky said to be welcoming"as many points of views as possible" in order "to make the best decisions possible." China's "Big Three" Bitcoin exchanges BTC China, Huobi and OKCoin, transmitted their joint-comments regarding the BitLicense proposal, a series of rules which were designed to regulate virtual currency-related businesses, submitted in late-July by the New York State Department of Financial Services. "Licensee's affiliates should have no....
Bitcoin company Xapo recently released its second comment letter on New York’s revised BitLicense. Additionally, the company has teamed up with other bitcoin industry leaders in submitting a combined comment letter to provide further feedback on the BitLicense proposal. After BitLicense was introduced by the New York Department of Financial Services (NYDFS) last year, Xapo released its first letter providing its comments. The NYDFS released its revised BitLicense proposal in February 25, 2015. Shortly afterward, on March 27, 2015 Xapo released its second BitLicense comments.
The BitLicense is continually evolving; today, the NYDFS has clarified that Bitcoin software developers do not need to apply for a BitLicense. Additionally, the official comment period on the proposed BitLicense regulations by the NYDFS has again been extended to accommodate the anticipated revised proposal. The NYDFS has promised to have a revised proposal for the public by the end of October. Lawsky spoke today at the Benjamin N. Cardoza School of Law in New York City with a panel of digital currency experts. By admitting the areas that the NYDFS does not wish to over-extend into,....
The Bitcoin Foundation has thrown its weight behind efforts to extend the 45 day-long comment period for the BitLicense proposal drafted and recently released by the New York Department of Financial Services (NYDFS). In an open letter to the NYDFS, Global Policy Counsel for the Bitcoin Foundation Jim Harper said that there needs to be greater cooperation with the bitcoin community and more transparency for the process as a whole. The organization's efforts to advocate for a more growth-oriented BitLicense proposal builds on a previous grassroots-level initiative in which roughly 400....
The New York State Department of Financial Services (NYDFS) has released a revised version of its BitLicense proposal. First revealed in July, the new framework comes after a lengthy, 90-day comment period for the proposed regulation, which saw notable names from both within and outside of the bitcoin industry weigh in on the proposal. The finalized bill includes previously announced changes, like exclusions for software providers, gift card companies and those who seek to use blockchain tokens for non-financial purposes. A spokesperson for the NYDFS indicated that an official version of....