BitLicense: Who Has Applied and Who Has Left New York?
Last updated: 25th August. Cryptocurrency companies that operate in, or serve customers who are based in, New York State had until 8th August to apply for a BitLicense. Established by the New York State Department of Financial Services (NYDFS), and now in effect, the BitLicense is a custom-made regulatory framework for bitcoin and digital currency businesses. CoinDesk is keeping track of both the companies that apply for a BitLicense and those that decide to cease operating in the state. Use the buttons below to switch between (a) a table showing companies that have applied for the....
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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....
Yet another bitcoin startup left New York State and declined to comply with the BitLicense. BitFinex, the largest cryptocurrency trading platform in the U.S has followed the lead of Poloniex and Shapeshift, announcing the closure of their operations on their blog this week. The BitFinex team wrote: BitLicense requires any digital currency related startups and exchanges to pay US$5,000 in application fees, US$20,000 in legal fees. “Due to financial regulation changes in the State of New York, certain Bitfinex services are no longer available for New York Residents. Bitfinex is not applying....
New York's BitLicense has made the headlines globally over the past two years and has blazed a trail for regulators across the world looking to oversee bitcoin activity. CoinDesk's latest research report, available from today, takes an in-depth look at the regulatory framework, including what it means for bitcoin's future in the state, and beyond. The 32-page document charts the progress of the NYDFS' legislation - both groundbreaking and divisive - from its announcement, through two years of fact-finding and debate, to its completion. A must read for regulators, investors, lawyers and....
The process of getting all of the paperwork and legal documentation together is both time-consuming, and costly. But that is not the biggest concern, as BitLicense requires companies to keep an extensive amount of details on all of their customers. Two more companies are on the brink of obtaining the infamous Bitlicense, which makes Coinbase and Ripple compliant Bitcoin entities in the state of New York. Both companies applied for their license several months ago, but it looks like there is light at the end of the tunnel. According to a source familiar with the matter, both Ripple and....
The New York State Department of Financial Services (NYDFS) has officially adopted the BitLicense following the framework's publication in the New York State Register. Now in effect, the BitLicense makes New York the first US state to formally launch a custom-made regulatory approach to bitcoin and digital currencies. The publication in the register also kicks off a 45-day grace period, during which time companies and individuals that offer digital currency services to New York residents must apply for a BitLicense. The application deadline is 8th August. Obtaining the BitLicense means....