Lawsky: Bitcoin Developers and Miners Exempt from BitLicense
Developers, miners and individuals using bitcoin will generally not be regulated by the impending 'BitLicense' proposals, according to Benjamin Lawsky, superintendent of the New York Department of Financial Services (NYDFS). Speaking at the Benjamin N Cardozo School of Law, New York, Lawsky clarified that many individuals and companies working within the bitcoin space will not need regulatory approval or a BitLicense to operate in New York State. "We are regulating financial intermediaries. We are not regulating software development," he said, adding: "To clarify, we do not intend to....
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The new BitLicense will open for a 30-day public comment period in just a few days. In a speech to the Bipartisan Policy Council, a Washington D. C. think tank, New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky told the world about the new BitLicense's impending release date as well as several planned changes. Also read: NYDFS's Ben Lawsky Reveals Plan for Transitional BitLicense at #Money2020. Changes in the new BitLicense. Notably, a new BitLicense is not required for consumers or merchants seeking to transact in Bitcoin; furthermore, Bitcoin-related software....
As revealed for the first time earlier today, The New York Department of Financial Services plans to give "transitional BitLicenses" to certain smaller digital currency companies seeking to do business in New York. NYDFS Superintendent Ben Lawsky gave some updates to the NYDFS's proposed BitLicense regulatory framework during his keynote speech at Money20/20. Lawsky repeated that Bitcoin software developers and individual users would not have to apply for a BitLicense. Lawsky also emphasized that individuals miners and even large mining pools would not need to apply for a BitLicense, this....
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,....
New York financial regulator Benjamin Lawsky today announced his revisions to the proposal for bitcoin regulations outlined in the BitLicense documents released earlier this year. Having initially drawn criticism from the digital currency community, Lawsky agreed to take another look at the details and announced the revisions today. The initial subject addressed was who would be required to obtain a BitLicense - namely only financial intermediaries. This means developers, miners and individuals who hold BTC for personal retail or investment use will not be required to get a BitLicense.....
New York's proposed BitLicense regulations were not designed to cover second-generation projects and other 'crypto 2.0' blockchain technologies, according to answers from Department of Financial Services (NYDFS) superintendent Benjamin Lawsky. Questions on how the NYDFS viewed innovations not primarily concerned with currency or exchange of value were put to Lawsky first at a recent presentation on BitLicenses in New York, and then again yesterday by CoinDesk's Stan Higgins at the Money20/20 conference in Las Vegas. Work is being done in this area, Lawsky said. @coindesk asks @BenLawsky if....