Two Years Later, One Man's Fight Against the BitLicense Wages On
New York's BitLicense was born into controversy. Created by the then-newly formed New York State Department of Financial Services (NYDFS) to protect consumers from fraud and loss, critics of the industry-specific licensing regime were never far away. Objections ranged from the potentially prohibitive cost of compliance for startups to the perception that bitcoin companies were being held to a higher standard than traditional financial institutions. Then, last June, the measure was finalized into law, rendering those concerns moot. But, one man would not give up that fight. Systems engineer....
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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....
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....
New York financial regulator Benjamin Lawsky today announced his revisions to the proposal for bitcoin regulations outlined in the BitLicense documents released earlier this year. Having initially drawn criticism from the digital currency community, Lawsky agreed to take another look at the details and announced the revisions today. The initial subject addressed was who would be required to obtain a BitLicense - namely only financial intermediaries. This means developers, miners and individuals who hold BTC for personal retail or investment use will not be required to get a BitLicense.....
A new initiative has started to battle yet another BitLicense. The California version of the license to operate or engage in business with the virtual currency. Bill AB -1326 will require participants to pay the treasury $5,000 with application. The paperwork alongside this fee requires an extensive inquiry into the business applicants background.....
A good discussion here, from Coinbrief, is whether wages paid in Bitcoin would lower volatility. In short the proposal put forward is as follows: Bitcoin wages > businesses need more Bitcoin, they either buy directly or offer goods/services or increased incentives for Bitcoin sales to customers > or use Bitcoin wages (which amounts to the processor buying more bitcoins) > businesses would ask suppliers to accept Bitcoin > employees would be paid in Bitcoin. An important stage missing is that a country's government would need to accept taxation in Bitcoin (or a relative Cryptocurrency that....