• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
<>

The BitLicense Countdown Begins

Yashu Gola by Yashu Gola
8 years ago
in Uncategorized
Reading Time: 2 mins read

After going through a series of draft submissions and commenting periods, the hugely awaited New York Bitcoin Regulatory Framework BitLicense is all set to be finalized by the end of May 2015, confirmed Benjamin Lawsky.

The New York Department of Financial and Services (NYDFS) Superintendent validated his anticipation during a Dow Jones risk and compliance conference, saying that there will be room for further amendments if their counterparts from other states come up with entirely different Bitcoin regulatory rules.

NYDFS-DEAL-CENTER

“We’re going to see how this all shakes out,” Lawsky told media. “I think there’s room for federalism, but at the same time if you have a whole series of different rules and it becomes a crazy quilt patchwork, that can get hard to comply with. We’ll have to see what other states do and other countries do, and if things don’t make sense we will take the next step.”

The Improvements in BitLicense

The BitLicense, that first came to light in July 2014, soon rose to fame for all the wrong reasons. While it seriously, and strictly, addressed the potential virtual currency risks such as money laundering, consumer vulnerability and weak cyber security standards; it also took away certain liberties from businesses to freely conduct their operations, mostly small startups that were required to pay a hefty fees to even start a Bitcoin business, let alone function it.

However some of these stiffer regulations were pulled out from the original version, after companies like BitPay, Circle, etc intervened through a democratic dialogue. For instance, NYDFS later exempted small Bitcoin startups from obtaining a full-fledged BitLicense. It however proposed to offer a two-year “transitional BitLicense” that would perfectly suit their budget.

In other examples, NYDFS also ruled out a senseless verse that required businesses to submit the details of each and every party involved in a virtual currency transaction. Also, the older version asked even non-financial businesses, such as technology firms, to obtain a BitLicense, a feature that was completely missing from the revised proposal.

Tags: bitcoinBitcoin regulation New YorkbitlicenseNewsNYDFS Bitcoin
Tweet123Share196ShareSend
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

17 mins ago
Polkadot

Polkadot Experiences Correction After Reaching $5.54: What’s Next In Store?

1 hour ago
Bitcoin casino – Top Bitcoin casino bonuses

Bitcoin casino – Top Bitcoin casino bonuses

2 hours ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

3 hours ago
Dogecoin

Dogecoin Bounces Off $0.070 Mark, Awaits Breakthrough of Crucial Hurdle

4 hours ago
Floki Inu

Floki Inu: Does Meme Coin Have What It Takes To Re-Enter Top 100 Spot?

6 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Is InQubeta the Best Utility Crypto of 2023? Huge Growth...

    1 hour ago
  • Coinbase launches campaign to educate public on blockchain...

    2 hours ago
  • Utility Coins like Avorak AI will always outperform memes...

    2 hours ago
  • Expect Tremendous Returns for DigiToads (TOADS), Near...

    2 hours ago
  • OpenAI crypto project Worldcoin raises $115M Tradecurve to...

    3 hours ago

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.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 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.