According to data obtained from the source – the New York Department of Financial Services itself – the financial regulator has only responded to 9 of 36 BitLicense applications submitted since 2015. Five have been denied, four have been approved, the rest are still going through the process. Fortune writer Robert Hackett became interested in … Continued
Crypto exchange Gemini has announced that it now supports trading and custody activities for Bitcoin Cash (BCH), effective this weekend, with full trading slated to begin on Monday. With the announcement, the exchange platform founded by bitcoin billionaire twins Cameron and Tyler Winklevoss now supports five cryptocurrencies, namely Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Zcash
The post Crypto Exchange Gemini Lists Bitcoin Cash with NYDFS Approval appeared first on CCN
Bitcoin regulation is both a blessing and a curse, as regulators are trying to apply the same values and principles of traditional finance to a new breed of technology. However, that approach is not always beneficial to existing and up-and-coming businesses. In particular, New York’s BitLicense is raising a lot of questions.
Short Timespan To Complete Application
One of the main concerns surrounding New York’s BitLicense is the fact that existing Bitcoin companies have very little time to complete their application. If they fail or refuse, and continue their Bitcoin-related activity, they will be punishable by law for running an unlicensed business.
Did you know there is such a thing as the Dogecoin Foundation? Personally, this was not something I was aware of, but seeing as how they have been relatively quiet over the past few months, that might explain why. The legal situation in regards to cryptocurrency (charities) in the US is very complicated, which also means the Dogecoin Foundation can’t be nearly as active as they would like to be.
The UK Digital Currency Association (UKDCA) is please to announce that it has made a formal submission to the New York Department of Financial Services (NYDFS) in response to their proposed “BitLicense”.
After careful consideration from all members of the UKDCA’s Exchanges, Regulations & Accounting Working Group, co-led by Sian Jones and Adam Vaziri, the final draft was authored by group member David Goldstone QC and approved for release by the UKDCA’s five Board Members.
The UKDCA’s submission to NYDFS
20 October 2014
Dear Mr Syracuse
NEW YORK – On Thursday September 4th 2014, Raymond Cline, Executive Director of Bitcoin Center NYC met with New York Department of Financial Services official Dana Syracuse at the NYDFS headquarters in New York to discuss the proposed digital currency regulations known as the “BitLicense.”
Although no new information was shared at the meeting, the NYDFS stressed that they have been receiving less feedback than they hoped to by extending the public comment period. It is imperative that the Bitcoin community continues to submit their feedback on the BitLicense during this extended commentary period. Specifically, the NYDFS is looking for information about the BitLicense’s impact on small and medium sized Bitcoin businesses; a topic we stressed was of great importance.
WASHINGTON, D.C. – The Chamber of Digital Commerce has submitted its comments to the New York Department of Financial Services (NYDFS) on the proposed BitLicense Rules and Regulations and are now available on its website at http://www.digitalchamber.org/assets/chamber-of-digital-commerce—bitlicense-comments.pdf.
The Digital Chamber’s comments state:
· BitLicense regulations should not apply to businesses that store or transmit virtual currency and do nothing else;
· Virtual currency businesses should have the freedom to invest;
· Virtual currency businesses should have the freedom to innovate;
· The “Existing Exchange Services” exemption discriminates against non-New York City persons.
WASHINGTON, D.C. – The Chamber of Digital Commerce (http://www.digitalchamber.org/) is seeking supporters to sign its petition to Benjamin Lawsky, the State of New York’s superintendent of financial services, asking him to extend the comment period of the proposed BitLicense Rules and Regulations through the end of 2014. An extension is necessary to allow the digital commerce industry time to formulate proposals that address the state’s Department of Financial Services’ (NYDFS) goals of providing guardrails which do not threaten technological innovation.
New York – Bitcoin Center NYC, the city’s only brick-and-mortar institution dedicated
to the further adoption of Bitcoin, announced today that it will host speaker Perianne M. Boring,President of the Chamber of Digital Commerce. The presentation will front-end Satoshi Square this Thursday July 31st and cover the chamber’s commitment to advocating for digital currency, especially in light of recent government regulatory activity.
The Chamber of Digital Commerce- as the industry’s first U.S. based trade association, the newly launched nonprofit is dedicated to promoting the acceptance and use of digital assets. The chamber realizes the urgency in preventing the government from stifling these innovative, affordable financial services and payment processes. It has further identified the BitLicense regulations proposed by the New York Department of Financial Services (NYDFS) to be severely debilitating to the digital currency industry.