NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

NYDFS Pushes BitLicense Regulation Proposal For Public Comment

newsbtc
newsbtc
4 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The Superintendent of Financial Services at the New York State Department of Financial Services, Mr. Ben Lawsky, has publicly released the highly-awaiting BitLicense regulation proposals that come as a result of hearings that took place earlier this year.

The push came via the Bitcoin page on social sharing website Reddit.com as a means to connect with one of the largest online digital currency communities.

According to Lawsky, the drafted proposal will make its was to the New York State Register on the 23rd of July, which will commence a public commenting period of forty-five days. Following the commenting and period of scrutiny, the proposals will be “subject to additional review” and potentially revised, depending on the circumstances.

“In developing this regulatory framework, we have sought to strike an appropriate balance that helps protect consumers and root out illegal activity – without stifling beneficial innovation. These regulations include provisions to help safeguard customer assets, protect against cyber hacking, and prevent the abuse of virtual currencies for illegal activity, such as money laundering,” Lawsky wrote.

He continues:

[blockquote style=”2″]We recognize that not everyone in the virtual currency community will be pleased about the prospect of a new regulatory framework. Ultimately, though, we believe that setting up common sense rules of the road is vital to the long-term future of the virtual currency industry, as well as the safety and soundness of customer assets. (We think the situation at Mt. Gox, for example, made that very clear.) Moreover, given that states have specific regulatory responsibilities in this area, we also have a legal obligation to move forward on this framework.[/blockquote]

A copy of the proposal is made available here [link], and we’ve embedded it below for your review.

NYDFS Bitcoin Regulation Proposal

The forty-page proposal covers everything from compliance (which is a given), books and records, disclosures, anti-money laundering and cyber security programs, and even advertising and marketing.

It will be interesting to see what members of the community, particular those who do business in the State of New York have to say about the proposal.

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Comments 2

  1. bouf says:
    11 years ago

    your _link_ to the NY website is not correct, methinks

    Reply
  2. bouf says:
    11 years ago

    Nice work in beating a certain other news outlet to the punch on this story! Go newsbtc!

    As for the proposed reg, get ready to pay plenty of that fiat for a financial law attorney to
    interpret some of these sections for you. Also note the requirement for
    approved auditors. (Meaning someone’s uncle’s company(ies) stands to start
    charging you rent as well.) _OF COURSE_ there is an application fee; wondering that the amount of that fee is not noted.
    Perhaps the most interesting part is Sec 200-8. (b)

    “(b)Each Licensee shall be permitted to invest its retained earnings and profits in only the following high-
    quality, investment-grade permissible investments with maturities of up to one year and denominated in United
    States dollars:
    (1)certificates of deposit issued by financial institutions that are regulated by a United States federal or
    state regulatory agency;
    (2) money market funds;
    (3) state or municipal bonds;
    (4) United States government securities; or
    (5) United States government agency securities.”

    Love the term “permitted to invest” – how do you like that? From this language it seems that the owner / operators of these licensed permittees will not be allowed to retain earnings or profits in BTC. In other words, all your profits have to go straight on to the books in their fiat-demoninated quantity. If you want to buy BTC with your declared and tax-adjusted business profit fiat that will be fine with the state of NY, but you have to declare ALL the profits in $$$. Just holding onto the BTC as a re-investment in the corporation (a non-taxable event normally) will not be allowed. My reading…. What say you?

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 2

  1. bouf says:
    11 years ago

    your _link_ to the NY website is not correct, methinks

    Reply
  2. bouf says:
    11 years ago

    Nice work in beating a certain other news outlet to the punch on this story! Go newsbtc!

    As for the proposed reg, get ready to pay plenty of that fiat for a financial law attorney to
    interpret some of these sections for you. Also note the requirement for
    approved auditors. (Meaning someone’s uncle’s company(ies) stands to start
    charging you rent as well.) _OF COURSE_ there is an application fee; wondering that the amount of that fee is not noted.
    Perhaps the most interesting part is Sec 200-8. (b)

    “(b)Each Licensee shall be permitted to invest its retained earnings and profits in only the following high-
    quality, investment-grade permissible investments with maturities of up to one year and denominated in United
    States dollars:
    (1)certificates of deposit issued by financial institutions that are regulated by a United States federal or
    state regulatory agency;
    (2) money market funds;
    (3) state or municipal bonds;
    (4) United States government securities; or
    (5) United States government agency securities.”

    Love the term “permitted to invest” – how do you like that? From this language it seems that the owner / operators of these licensed permittees will not be allowed to retain earnings or profits in BTC. In other words, all your profits have to go straight on to the books in their fiat-demoninated quantity. If you want to buy BTC with your declared and tax-adjusted business profit fiat that will be fine with the state of NY, but you have to declare ALL the profits in $$$. Just holding onto the BTC as a re-investment in the corporation (a non-taxable event normally) will not be allowed. My reading…. What say you?

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

circle-deploys-usdc-hyperliquid-next-wave-of-crypto-investment-tw

Circle選擇部署USDC穩定幣生態:以HyperLiquid為核心的加密投資浪潮

加密世界的進化,總是以一種奇異的方式呈現—理性與想像並行,投資與敘事交織。在2025年的秋天,Circle與HyperLiquid之間的結盟,正是一場結構性轉變的起點。這不只是兩個技術團隊的對接,也不...

Peter Chow 9 hours ago
Bitcoin Cash

Bitcoin Cash (BCH) Plunges 6.7% As Social Media Shows Overhype

Data shows bullish sentiment around Bitcoin Cash has exploded on social media, potentially explaining the coin’s pullback from its 17-month...

Keshav Verma 10 hours ago
Ethereum

Institutional Ethereum Staking On The Horizon As Grayscale Prepares Move — Details

Institutional staking may soon receive a significant boost as reports emerge that Grayscale is preparing to stake its substantial Ethereum...

Godspower Owie 12 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin price

Bitcoin Price Drops To $115K After Rate-Cut Rally — But BTC Far From Capitulation

Opeyemi Sule 25 minutes ago
Cardano, ADA, Charles Hoskinson

ADA Holds $0.90 Support As Hoskinson Says Cardano Will ‘Break The Internet’

Rubmar Garcia 5 hours ago
Dogecoin

Dogecoin Ready To Bark Again? Analyst Sees Path To $0.45

Keshav Verma 6 hours ago

Premium Sponsors

Press Releases

  • Cele mai bune altcoin-uri de cumpărat, pe măsură ce prețul Solanei se apropie de maximul istoric

    Cele mai bune altcoin-uri de cumpărat, pe măsură ce...

    37 minutes ago
  • Cele mai bune meme coin-uri de cumpărat acum, pe măsură ce capitalizarea pieței se apropie de 1,9 trilioane RON

    Cele mai bune meme coin-uri de cumpărat acum, pe măsură...

    59 minutes ago
  • Cele mai bune meme coin-uri de cumpărat acum, pe măsură ce capitalizarea pieței se apropie de 1,9 trilioane RON

    Nejlepší meme coiny k nákupu nyní, když se tržní...

    1 hour ago
  • Cele mai bune altcoin-uri de cumpărat, pe măsură ce prețul Solanei se apropie de maximul istoric

    Nejlepší altcoiny k nákupu, když se cena Solany...

    1 hour ago
  • ドージコイン 今後 の価格予測:ETF発足で新たな成長ステージへ

    ドージコイン 今後...

    21 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.