Breaking Down New York's Latest BitLicense Revision
The New York State Department of Financial Services (NYDFS) released the latest version of of its BitLicense proposal today, an event that sets off another 30-day comment period before the much-anticipated regulation can be finalized. The revised draft finds the state agency following through on a number of proposed changes it has previously announced publicly, while clarifying the intent and structure of the proposal. Overall, the revised BitLicense displayed a willingness by the NYDFS to both respond to concerns from the digital currency and wider business community while largely leaving....
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The 30-day period during which the public can submit comment on the latest draft of New York's BitLicense proposal has begun. The formal comment period was initiated by the publication of the notice in the New York Register, a weekly periodical designed to keep state citizens up-to-date on rulemaking. Following roughly three weeks since the introduction of the framework, the publication seems likely to spur a new round of debate over the regulation and its more controversial measures. Speaking to CoinDesk, a number of the more prominent voices in the bitcoin community voiced concerns that....
Genesis Mining is the latest company to announce its departure from New York, following the formal introduction of the state's BitLicense. In a blog post released yesterday, the cloud mining firm - which claims to serve over 50,000 customers - said it had no choice but to block anyone with a New York IP address from using its services. 'While advocates for the BitLicense say they want to protect consumers, what the act really does is stifle innovation. It's complex, expensive, and comes with a set of guidelines that make it nearly impossible for any startup to comply with.'
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....
Bitcoin regulation in the state of New York remains a topic of heavy debate, as the latest company to halt its services in the state is none other than LocalBitcoins. The largest Bitcoin peer-to-peer marketplace in the world is being hindered by the BitLicense regulations put in place earlier in 2015. Whether people like or dislike the idea of regulating Bitcoin at all, BitLicense is definitely an example of how it should not be done. Hash regulatory measures, combined with hefty license application fees and invading customer privacy does not sit well with most Bitcoin companies. Seeing as....
Theo Chino, a Bitcoin entrepreneur has filed a lawsuit against NYDFS and its handling of BitLicense in the Supreme Court of the State of New York. For those who have been following the developments in cryptocurrency sector from past couple of years, the BitLicense fiasco is quite familiar. The cryptocurrency industry was in for a shock last year after the New York Department of Financial Services decided to implement regulations governing digital currencies, popularly referred to as BitLicense. With BitLicense coming into effect, companies in the sector either decided to comply with the....