Circle Granted First BitLicense by NYDFS
Bitcoin wallet Circle says it has become the first company to receive a BitLicense from the New York State Department of Financial Services (NYDFS). According to a blog post from the company today, Circle will now be able to serve customers in New York under the divisive regulatory framework, applications for which closed on 8th August. In conjunction with news, the company is releasing a host of updates to its iOS, Android and web apps, now named 'Circle Pay'. Alongside other functionality, Circle customers in the US can now hold, send and request dollars from their contacts and refuel....
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Following its implementation earlier this year and the exodus of some bitcoin companies from New York, the BitLicense framework granted its very first regulatory license to mobile payments company Circle this week. With this, Circle can now be able to offer its service that allows sending, receiving, and holding U. S. dollars and bitcoin. Circle Internet Financial Ltd. was founded by Jeremy Allaire two years ago and is backed by Goldman Sachs Group Inc. It is now the first startup legally allowed to offer digital currency services in the state of New York. New York BitLicense Framework.....
Circle is joining the ever-lengthening line of bitcoin companies to issue public comments on the New York Department of Financial Service's (NYDFS) BitLicense proposal, it would seem. The Boston-based company's General Counsel/Chief Compliance Offer, John A. Beccia, submitted a lengthy twelve-page letter addressed to Dana. V. Syracuse at the NYDFS (of which you'll find a copy below in PDF form). The following is a small highlight list of the points demonstrated in the letter: The BitLicense "casts too wide a net" on regulated companies in the digital currency realm. AML requirements....
Just in time for the closing of the comment period for New York State's 'BitLicense' proposal today, bitcoin companies Circle and BitPay managed to have the final say on the matter - for now. In their comments, both companies expressed a number of similar concerns over the BitLicense, specifically provisions they perceive as burdensome regulation that could stifle competition and innovation. The BitLicense initiative was launched by the New York Department of Financial Services (NYDFS) earlier this year and has been championed by NYDFS superintendent Ben Lawsky since then. The initial....
Barry Silbert, CEO of SecondMarket, has posted an official letter requesting that the NYDFS extend the deadline for filing public comment by 45 days, on their "BitLicense" proposal. He urges affected companies and individuals to sign. Currently, the list of signatures includes many A-Listers such as Elizabeth Ploshay, a board member of the Bitcoin Foundation, Erik Voorhees, several prestigious universities such as Harvard and Stanford, and of course Barry Silbert himself. The more signatures the letter receives, the greater the chances we have to help shape or oppose the NYDFS BitLicense....
The Boston-based bitcoin startup Circle has become the first-known business to receive the New York BitLicense. According to the Circle blog, Circle Financial is now able to service New York residents in compliance with the regulations. Circle, founded two years ago, is backed by heavy investment from Goldman Sachs and others. Circle is now moving into....