BitPay Also Issues Remarks on the Proposed BitLicense

Jayanand Sagar | October 20, 2014 | 6:14 pm

BitPay Also Issues Remarks on the Proposed BitLicense

Jayanand Sagar | October 20, 2014 | 6:14 pm

Circle Internet Financial isn’t the only bitcoin company to issue remarks on the proposed BitLicense regulations put forth by the New York Department of Financial Services (NYDFS) today.

Read: Circle Issues Remarks on BitLicense Ahead of Comment Period Deadline

Atlanta, Georgia-based BitPay also issued remarks today, submitting them to NYDFS Superintendent Benjamin Lawsky, just one day before the public commenting period on the proposal comes to a close (Tuesday, October 21st).

The five-page document, authored by BitPay Chief Compliance Officer Tim Byun, covers a number of topics relating to the proposal — which many companies in the sector have previously commented on.

In short, there are fundamental issues with the BitLicense proposal that need to be fixed before any of this goes into effect.

Quoted, the document makes the following points:

  1. Lacks Innovative Rule Making That Will Deter Jobs & Innovation
  2. Creates an Unlevel Playing Field for Bitcoin Transactions
  3. Disregards Leveraging Existing Local/National/International AML Frameworks
  4. Lacks Clarity Whether Ancillary Bitcoin Activities are Covered by Regulations

Byun writes:

[blockquote style=”2″]BitPay respectfully requests that the NYDFS consider innovation itself in formulating regulations, establish risk-based rules that help to create jobs rather than eliminate them, leverage existing Anti-Money Laundering frameworks, and clarify that providers of ancillary activities do not require a BitLicense.http://newsbtc.com/wp-admin/post-new.php[/blockquote]

Bitpay Comments on BitLicense

The expectation is that the comments submitted to the NYDFS from companies and members of the community will help shape the next draft of the BitLicense, in which another commenting period will open.

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