New York Regulators Grant Second BitLicense to Ripple
Nearly nine months after the New York State Department of Financial Services (NYDFS) issued its first BitLicense, it has awarded a second to distributed ledger startup Ripple. The BitLicense approval, effective today, allows the startup to sell and custody XRP, the native asset that powers its Ripple consensus ledger (RCL). While not a blockchain in the strict sense, the tool leverages a digital asset to account for payment information in a similar manner as other token-based blockchain systems such as Ethereum and bitcoin. Founded in 2012, Ripple has succeeded in gaining more enterprise....
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Ripple Labs Inc., has had its BitLicense application approved today by New York state’s financial regulator. The New York State Department of Financial Services (NYDFS) has approved Ripple Labs’ BitLicense application. Granted today, the approval will grant Ripple the license to sell and obtain XRP – the native digital asset of the Ripple Consensus Ledger, a platform used by financial institutions including banks as well as companies. Designed to improve currency liquidity while lowering the significant capital costs of cross-border payments, XRP enables banks to use one XRP account held....
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 regulators have issued just two BitLicense permits in the 18 months since the regulations became law, it has been revealed — while rejecting four. Patrick Murck: BitLicense ‘Put Industry Behind’. A Reuters request also revealed the BitLicense program has an application backlog of 15, with a lack of qualified staff blamed for the snail’s rate....
Boost VC CEO Adam Draper has launched a petition seeking a number of changes to New York's proposed BitLicense framework. The petition calls for New York regulators to limit the amount of information they gather on virtual currency startups to what is mandated by federal standards; that the BitLicense avoid using duplicative language already enshrined in federal law; and that regulators give their approval for what Draper calls a "sandbox of innovation in the financial markets". In a video accompanying the petition, Draper stated that the changes are needed to reduce startup costs for....
On July 17, New York became the first state to attempt to regulate Bitcoin and other forms of cryptocurrency (referred to as virtual currency in the proposal). New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky announced the so-called BitLicense proposal on Reddit. While some in the Bitcoin community welcome regulation as a validation of Bitcoin's right to exist, the majority oppose it as the first roots of centralization. Beginning July 24, the public will have 45 days to give feedback to New York state regulators before the BitLicense draft is finalized. In true....