While Other Companies Leave NY, Coinbase Submits BitLicense Application
While the BitLicense has caused many companies to leave New York, those that intend to stay are progressing though the regulatory process. This week, one of the world's largest Bitcoin services and wallet providers Coinbase became the 25thcompany to file for a BitLicense, which is expected to cost more than $100,000 in legal and compliance fees,....
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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....
New York’s department of financial services has approved bitcoin exchange Coinbase’s application for a virtual currency and money transmitters license, making it one of the largest bitcoin companies to gain the department’s approval. Coinbase becomes one of five virtual currency firms granted approval to operate in New York State, according to a department news release. The New York BitLicense became effective on June 24, 2015, as one of the stricter state laws governing cryptocurrency businesses. Several cryptocurrency businesses – such as LocalBitcoins, BitFinex and Kraken – chose to....
Coinbase has submitted an application for a BitLicense in New York State, making it one of the leading bitcoin businesses to seek the necessary regulatory approval. Coinbase advised CCN of its action in the wake of plans by other cryptocurrency businesses - such as LocalBitcoins, BitFinex and Kraken - to bolt New York due to the controversial regulation. The law prohibits the sale of bitcoin without a license. "We can confirm that Coinbase has submitted a BitLicense application," a Coinbase spokesman told CCN. "The process was a significant undertaking, but we're fortunate to have the....
In the aftermath of the BitLicense application deadline this week, a number of prominent bitcoin companies have ceased operations in New York. Although the reasons behind startups' reluctance to apply for a license are varied, cost has played a significant part. Of those who did apply - and fronted the $5,000 non-refundable application fee, most have alluded to an arduous process and high costs. But just how much did their expenditure amount to? CoinDesk has spoken to various companies in the space to breakdown the cost of the BitLicense application process both in monetary and....
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....