The US is taking tentative steps towards regulation and regulatory strikes toward digital currency businesses in the form of a BitLicense. This “licence” will be mandatory for anyone who is starting up a crypto business .
This latest move in the regulatory direction comes from Benjamin M. Lawsky, Superintendent of Financial Services. He announced today that the New York State Department of Financial Services (DFS) has issued for public comment a proposed “BitLicense” regulatory framework for New York virtual currency businesses.
Now what does this “Bitlicense” actually do? Mr Lawsky tells us that: