Circle Issues Remarks on BitLicense Ahead of Comment Period Deadline
Circle is joining the ever-lengthening line of bitcoin companies to issue public comments on the New York Department of Financial Service's (NYDFS) BitLicense proposal, it would seem. The Boston-based company's General Counsel/Chief Compliance Offer, John A. Beccia, submitted a lengthy twelve-page letter addressed to Dana. V. Syracuse at the NYDFS (of which you'll find a copy below in PDF form). The following is a small highlight list of the points demonstrated in the letter: The BitLicense "casts too wide a net" on regulated companies in the digital currency realm. AML requirements....
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Circle Internet Financial isn't the only bitcoin company to issue remarks on the proposed BitLicense regulations put forth by the New York Department of Financial Services (NYDFS) today. Read: Circle Issues Remarks on BitLicense Ahead of Comment Period Deadline. Atlanta, Georgia-based BitPay also issued remarks today, submitting them to NYDFS Superintendent Benjamin Lawsky, just one day before the public commenting period on the proposal comes to a close (Tuesday, October 21st). The five-page document, authored by BitPay Chief Compliance Officer Tim Byun, covers a number of topics relating....
As the official comment period for the proposed BitLicense regulation comes to a close this month, two of the largest Bitcoin companies in America have revealed their public comment to the New York Department of Financial Services. Circle, a new competitor to Coinbase that provides on and off ramp services for Bitcoin to Fiat and vice versa, as well as BitPay, a leading Bitcoin merchant services and invoicing company, both revealed their official positions on the current BitLicense today. Also read: Bitcoin Foundation Condemns Lack of Transparency in New York BitLicense. Circle's Public....
New York Department of Financial Services (NYDFS) superintendent Benjamin M Lawsky has extended the comment period for the BitLicense proposal by an additional 45 days. The agency cited the large volume of input from various sources, including prominent members of the bitcoin community, as the primary reason to double the comment period. The NYDFS announced the move on its official website, moving the final deadline to 21st October. The notice cited requests from the bitcoin community, which included grassroots supporters and the Bitcoin Foundation, as a driver of the deadline change. The....
BitLicense has been a huge pain to many bitcoin and digital currency based startups operating in the State of New York. Once BitLicense was made mandatory and the deadline to apply for BitLicense surpassed, few of the companies decided to withdraw their services from New York while other companies who considered New York to be an important market decided to stick on and apply for it. Circle, a bitcoin based money transfer application was one among the many bitcoin companies that applied for BitLicense and recently it went on to become the first company to receive BitLicense from New York....
Just in time for the closing of the comment period for New York State's 'BitLicense' proposal today, bitcoin companies Circle and BitPay managed to have the final say on the matter - for now. In their comments, both companies expressed a number of similar concerns over the BitLicense, specifically provisions they perceive as burdensome regulation that could stifle competition and innovation. The BitLicense initiative was launched by the New York Department of Financial Services (NYDFS) earlier this year and has been championed by NYDFS superintendent Ben Lawsky since then. The initial....