19 Dec New York announces lighter BitLicense 2.0
New York’s Superintendent of Financial Services, Ben Lawsky, chose yesterday’s (18 December 2014) meeting of the Bipartisan Policy Center, a Washington-based think tank, to announce revised proposals for virtual currency licensing in the State of New York and a new round of public comment.
The original draft BitLicense regulations, published in July 2014, placed a weighty regulatory burden on all but digital currency consumers and merchants almost everywhere in the World. An initial 45-day comment period, subsequently extended, drew over 3,700 public comments. The feedback has not seemingly fallen on deaf ears. On the contrary, the NYDFS appears to have significantly eased some of original requirements, including:
- limiting the scope
- transitional licenses, providing an ‘on-ramp’ for fledging businesses
- relaxing counterparty KYC requirements
- making non-controlling investment easier
- counting virtual currency holdings within capital requirements.
Watch and listen to Lawsky’s announcement, starting at 01:12:15 –
Ben Lawsky announcing revised BitLicence regulations
Details of the revised draft regulations and further comment period are due to be published soon and my analysis will be plublished here.