BitLicense 2.0: What The Latest Revisions Mean for Bitcoin Businesses
Marco Santori is a business attorney for technology companies. In particular, digital currency businesses. He is also the chairman of the Bitcoin Foundation's Regulatory Affairs Committee and author of CoinDesk's series on bitcoin law (find parts 1, 2 and 3 here). New York's Department of Financial Services (DFS) published its original BitLicense proposal in July of 2014. That original proposal drew applause from those who valued regulatory certainty, and ire from those who faulted it for its imprecision and tendency toward over-inclusion. In the intervening six months, DFS received....
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Recently, Ben Lawsky, the Superintendent of the New York Department of Financial Services (NYDFS) released the final draft of the infamous BitLicense. This piece of regulation would place a set of restrictive requirements upon Bitcoin businesses operating in new york. The most controversial of the code’s stipulations include fingerprinting company employees, monitoring customer activity, and strict capital requirements. This final version of BitLicense is the third draft of the bill, the result of modifications made to two previous versions. Most of the revisions that happened in the first....
The New York State Department of Financial Services announced revisions for its BitLicense framework, which was revealed to bitcoin companies last year. The regulation has a 30-day comment period before it is will be finalized then implemented. The latest revisions still prompted some concerns from bitcoin companies, particularly the startups. According to Boost VC CEO Adam Draper, the information gathered from such companies must be limited and he launched a petition to gain more support for this proposal. In addition, he proposed that BitLicense should require the government to avoid....
Benjamin M. Lawsky announced the latest revisions to the draft BitLicense today in Washington, DC, presenting a host of changes in response to reactions from its public comment period. The New York State Department of Financial Services (NYDFS) superintendent delivered the news this morning during a keynote speech hosted by think tank Bipartisan Policy Center, where he touched on the regulatory landscape surrounding digital currencies and other payment technologies. Lawsky first clarified which players in the digital currency community and industry would be required to obtain the....
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.....
The New York State Department of Financial Services (NYDFS) yesterday released the third and final revisions to its BitLicense legislation. The updates are aimed at improving functionality within the industry and making sure businesses are compliant without stifling innovation. Two previous versions of the regulations received much criticism and the third is no different. Here are someBitcoin community reactions to the updated NY BitLicense: “The heavy compliance costs on digital currency exchanges will make it much more difficult to operate a profitable exchange in the state. Many fear it....