This last Friday, the 27th March the period for public comments on the latest release of the New York’s BitLicence proposal had ended.
During this period, there were several developments to the proposal, however, many people within the bitcoin community feel that the proposal isn’t still fully adequate to the digital currencies industry.
Some people believe that new technologies should be seen as an opportunity to update laws and regulations and that this latest release of New York’s BitLicence proposal fails to realize that. All the bureaucratic process around the state-by-state regulation proposal seems too hard to follow for some companies.
Companies like Coinbase and Coin Center already declared to be against this new proposal stating that Anti-Money Laundering rules that are onerous, and claim equal treatment like any other money transmitting business already has.
Compared to existing regulations placed on traditional money services businesses, bitcoin entrepreneurs and investors believe many of the proposed regulations are too onerous or otherwise unfair. Despite this, regulators are failing to understand that these regulations could have a chilling effect on investment and innovation around crypto-currencies.
BitLicence process has been slow and very frustrating for many businesses, entrepreneurs, and investors in the ecosystem. This has led to many companies and investors to being stuck in a holding pattern waiting for the full clarifications on these pending regulations.
Now, what remains to be known is what will be the final decision and when are these proposed regulations going to be implemented.
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