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It wasn’t terribly long ago that I wrote about New York Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky speaking at the Cardozo Law School in New York City.
That event took place on Tuesday evening, and many in the community may be relieved to hear about what changes Lawsky and his team are planning to make to the much talked about BitLicense proposal that is out now in a public commenting period.
For starters, software developers, bitcoin minters, and individuals using the digital currency (with the exception of those offering financial services) will not be required to apply for said BitLicense — which is a financial services permit that requires holders to follow strict AML/KYC regulations.
Banks who would like to dip their toes into the bitcoin waters, on the other hand, would be required to apply for the BitLicense, according to the Wall Street Journal.
The fact of the matter is that Lawsky wants the public to know that businesses that operate in the digital currency/bitcoin realm and offer financial services are going to have to accept regulation in some form or another. That’s just a part of doing business.
As for the folks that state that the cost of implementing policies to remain in compliance with the BitLicense, Lawsky says both he and the NYDFS are aware of that. As such, they acknowledge it will take a “creative solution” and are actively working on it.
The public commenting period for the first draft of the BitLicense proposal is slated to conclude later this month. Another commenting period will be opened when the next draft of the proposal is made available to the public.
