News
With the addition of Anchorage’s New York arm, the New York financial regulator has approved 34 companies since the BitLicense scheme launched in 2015.
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BitLicense News
BitLicense is a business license for using cryptocurrencies with a lengthy list of terms and conditions. It was issued on the 8th of August, 2015, by the New York State Department of Financial Services (NYSDFS). In general, it defines the major rules on businesses operating with digital currencies, such as virtual currencies’ control, administration, maintenance, storing, holding, issuing, exchange operations, related-software development, etc.
The license is relevant for entities, while retailers and individuals are allowed to make transactions without the use of the license. On the one hand, the business community met the license positively because it provides a legal framework and protection without a need for proving legitimacy of their work to customers. On the other hand, those rules increase both time and costs, which already are in deficit.
- News
The New York State Department of Financial Services lists 33 companies holding licenses, allowing them to offer crypto-related products and services.
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Ripple bought Swiss custody provider Metaco last year, but Standard has a New York BitLicense.
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According to the New York regulator, Genesis had compliance failures that violated crypto and cybersecurity regulations, leaving the company “vulnerable to illicit activity.”
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The Office of the Comptroller revealed its concerns over the management of BitLicense applicants by the New York Department of Financial Services.
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The proposals included stricter standards on risk assessments for crypto firms as well as a framework for designating token projects to the NYDFS' greenlist
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Forge will have a right to custody digital assets, to purchase and sell them for legal tender, and to trade them against each other.
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Since 2015, crypto firms operating in the state of New York have largely been required to apply for a BitLicense to offer services.
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Gate US said it obtained licenses to operate in “several” U.S. states along with a money service business license from FinCEN leading up to its local launch.
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The state, a notoriously demanding regulator of the industry, has released detailed guidelines for banks’ crypto activities — and some licensed banks may have to play catchup.
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Though some crypto firms operate in New York with a BitLicense, many including NYC Mayor Eric Adams have criticized the licensing regime as a difficult barrier to cross.
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Crypto exchanges Coinbase and BitGo have previously received trust charters from New York's financial regulator, allowing the firms to offer crypto custody services.
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“We have to continue to be competitive,” the mayor said in a keynote interview at a London crypto conference, where he suggested scrapping the states’ BitLicensing requirement.
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The fees will bring digital currency companies on par with those paid by banking and insurance institutions as a way for the state to recoup operating expense costs and “best support” the industry.
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Billionaire Bill Ackman has called upon the city authorities to ensure that more innovators don’t migrate because of the regulatory hurdles.
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