BitLicense Has Done More Good Than Bad to the Bitcoin Sector
BitLicense, introduced in the New York state did more harm than good to the digital currency technology industry. Other governments intend to avoid making the same mistakes. Read more... When BitLicense was introduced, it was hailed as a defining moment, where the government-less and regulation-less cryptocurrency platforms meet regulatory machinery set up by governments and centralized organizations. A bit over one year down the line, BitLicense is being constantly referred back to, in order to avoid doing the same mistakes. BitLicense, introduced by Benjamin Lawsky, then Superintendent....
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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....
MonetaGo, one of the US-based Bitcoin exchanges, has announced they will be shutting down for good. The company tweeted that regulation was a key hurdle it could not overcome. UPDATE: MonetaGo confirmed they will only shut down the exchange part of the business. As most Bitcoin enthusiasts are well aware of, running a financial company in the US requires....
Since the New York Department of Financial Service released their BitLicense proposal for a public commenting period, there's been a lot of chatter surrounding the topic. One one side you have the people that think this could be a very good start to regulating bitcoin, and then you have the folks who have crossed their arms and are shaking their heads vigorously with disappointment. I wanted to see what the visitors of this website thought. So I put together a poll last week that was pretty straightforward: The proposed NYDFS Bitcoin Regulations... Respondents were provided with two....
The digital currency ecosystem in New York State is currently hanging on a string as the deadline to apply for BitLicense closes. Today, the 8th of August 2015 marks the end of 45 day grace period extended to Bitcoin and digital currency companies in the state to apply for BitLicense. Few Bitcoin companies like ShapeShift, Eobot and Poloniex have already left New York State for good. ItBit became the first company to receive BitLicense and Gemini, the exchange whose promoters are Winklevoss Twins is still awaiting confirmation. All these companies falls on either side of the spectrum,....
After an aborted closure of BTCGuild, when BitLicense was first announced, the company’s owner has now decided to close it for good on June 30, 2015. With NYDFS using BitLicense to try and regulate businesses inside and outside of NY, the closure comes as no surprise; the owner has stated before he will not put miners and himself through the invasive and vague regulatory hassles. Even after the release of the final BitLicense draft — revised based on a round of public comments — BTCGuild’s owner feels that there is still enough “gray area” the NYDFS can use to intervene in the company’s....