First BitLicense Public Commenting Period Deadline is Today
It seems as if it's been a long road to get here, but today marks the conclusion of the first public commenting period when it comes to the New York Department of Financial Service's (NYDFS) BitLicense proposal, which has been seemingly met with no shortage of resistance from the community. The proposal, which was distributed for public comment in mid-July, outlines a number of regulations the NYDFS hopes to put in place to keep tabs on companies operating in the virtual currency space in the State of New York. Those regulations include collecting customer names, addresses, and other....
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In early February, the New York Department of Financial Services (NYDFS) released their revised BitLicense proposal to the public. This revision took place following a 90 day public commenting period for the first BitLicense draft held by the department during the latter part of 2014. Recently, the Department has opened up an additional 30-day commenting period for the revised draft, in which anyone can submit their thoughts towards BitLicense. I, Evan Faggart, Assistant Editor of Bitcoinist.net, have been a vocal opponent of BitLicense since the release of the initial proposal in 2014. I....
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....
Since the release of the BitLicense regulations from the New York Department of Financial Services (NYDFS), one of the most common complaints has been the lack of time the public has to comment on them (in order to propose revisions, and the like). Chamber of Digital Commerce President Perianne Boring even called the 45-day period "severely inadequate" - a sentiment echoed a good number of times now by others. Thankfully for the community, the NYDFS has heard the complaint loud and clear. As of Thursday, the Department's Superintendent Benjamin Lawsky announced that the commenting period....
Right now, the New York Department of Financial Services (NYDFS) is holding a 30-day public commenting period for the revised draft of its BitLicense regulation. By now, everyone in the Bitcoin community probably knows what BitLicense is; all cryptocurrency businesses in the state of New York that fall under the regulation’s jurisdiction must apply for a special license in order to operate in the state. Once your application is approved, and you get a license, you must continuously comply with a slew of restrictive regulations. During the commenting period for the first BitLicense draft, a....
The digital currency ecosystem in New York State is currently hanging on a string as the deadline to apply for BitLicense closes. Today, the 8th of August 2015 marks the end of 45 day grace period extended to Bitcoin and digital currency companies in the state to apply for BitLicense. Few Bitcoin companies like ShapeShift, Eobot and Poloniex have already left New York State for good. ItBit became the first company to receive BitLicense and Gemini, the exchange whose promoters are Winklevoss Twins is still awaiting confirmation. All these companies falls on either side of the spectrum,....