Crypto exchanges Coinbase and BitGo have previously received trust charters from New York's financial regulator, allowing the firms to offer crypto custody services.
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.
“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.3229
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.3327
Billionaire Bill Ackman has called upon the city authorities to ensure that more innovators don’t migrate because of the regulatory hurdles.2691
Bakkt will also have a money transmitter license in the state of New York.12783
Andrew Yang has plans for New York City that cryptocurrency users anywhere would find appealing.16029
The stablecoin issuer and PayPal partner wants to increase its range and scope of services by becoming the first crypto services provider to be regulated at both state and federal levels.4011
With a new Senate bill on the table, New Jersey is getting closer to introducing a state-level licensing framework for crypto firms.12265
For now, PayPal's crypto payments are more about satisfying regulators than providing users with crypto capabilities.11899
Gemini looks at regulation as a good thing, with the recently suggested conditional BitLicense as a move in the right direction.25447
The New York Department of Financial Services is requesting comments on its amendment to the BitLicense that would help smaller companies be regulated.2821
Congressional candidate Jonathan Herzog believes that the U.S. government needs to embrace crypto and blockchain not to fall behind other nations.4669
New York regulator that issues BitLicences adds a Silk Road investigator to its legal counsel.4489
Tokyo-based cryptocurrency exchange bitFlyer launched its commission-free campaign for BTC/USD trading pair to its U.S. customers.9974
New York Governor Andrew Cuomo wants crypto businesses to pay for NYDFS’ oversight to “make progress happen.”2918