Industry Experts: BitLicense Isn’t the Regulatory Template for the UK
Industry analysts have stated that a BitLicense template is not the way forward for the U.K., according to a report from EuroMoney. In June 2015, the New York Department of Financial Services (NYDFS) released its application for a ‘License to Engage in Virtual Currency Business Activity’, also known as a BitLicense. The New York BitLicense was created to protect consumers from fraud and loss of money, but seems a tad bit invasive and time-consuming. Applying for the license involves large amounts of paperwork, burdensome reporting requirements, and expensive attorneys. Not only that, but....
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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....
Finalized in June of 2015, New York’s BitLicense regulation was heralded as a potential boon for an industry then struggling to shake its stigma as the unregulated ‘Wild West’ of the financial industry. More than six months after the deadline for application filings, however, the New York State Department of Financial Services (NYDFS) has yet to emerge as a regular newsmaker in the industry. The NYDFS has only issued one BitLicense under the regulatory framework, which it provided to bitcoin services firm Circle in September 2015. According to figures provided to CoinDesk by the NYDFS,....
New York has started implementing its BitLicense recently, much to the dismay of bitcoin startups that are unable to come up with enough funds to obtain licenses for its products. In fact, Poloniex, a NY-based bitcoin exchange, recently decided to move its operations elsewhere due to the limitations imposed by the regulatory framework. BitLicense was drafted and put in force by the New York Department of Financial Services under the leadership of former head Benjamin Lawsky. After its implementation, Lawsky then resigned from his post to form a consultancy group. BitLicense and Bitcoin....
After going through a series of draft submissions and commenting periods, the hugely awaited New York Bitcoin Regulatory Framework BitLicense is all set to be finalized by the end of May 2015, confirmed Benjamin Lawsky. The New York Department of Financial and Services (NYDFS) Superintendent validated his anticipation during a Dow Jones risk and compliance conference, saying that there will be room for further amendments if their counterparts from other states come up with entirely different Bitcoin regulatory rules. "We're going to see how this all shakes out," Lawsky told media. "I think....
Marco Santori is a business attorney for technology companies. In particular, digital currency businesses. He is also the chairman of the Bitcoin Foundation's Regulatory Affairs Committee and author of CoinDesk's series on bitcoin law (find parts 1, 2 and 3 here). New York's Department of Financial Services (DFS) published its original BitLicense proposal in July of 2014. That original proposal drew applause from those who valued regulatory certainty, and ire from those who faulted it for its imprecision and tendency toward over-inclusion. In the intervening six months, DFS received....