THELOGICALINDIAN - The New York State Department of FinancialServices NYDFSyesterday appear the conception of a new analysis for licensing cryptobusinesses
The ‘Research and Innovation’ Division will administer and authorization basic currencies, abode banking admittance through technology, assure customer abstracts rights, and animate addition in the banking casework marketplace.
A New ‘BitLicense’ Division
Four years ago, NYDFS introduced the belled BitLicense, for crypto companies adulatory to partake in ‘virtual bill activities’. Since its introduction, alone a about scattering of cryptocurrency businesses accept acquired one.
Many believed the requirements for a BitLicense to be unnecessarily strict, causing some to cease trading in the state. Its agreement were advised too arduous and damaging to innovation, and it became the yardstick by which added disruptive legislation was measured.
With this new division, NYDFS has addressed the charge for these applications to be dealt with by a committed team.
The ‘Regulatory Landscape Needs To Evolve’
In announcing the new division, Superintendent Linda Lacewell fatigued the charge for the crypto authoritative mural to advance and acclimate as addition continues to grow.
Hopefully, addition account of accepting a committed analysis to baby-sit cryptocurrencies will be to accelerate the BitLicense appliance process.
How This Affects Bakkt
As Bitcoinist reported yesterday, Bakkt began User Acceptance Testing of its Bitcoin Futures articles on Monday. Though this was purportedly ‘on schedule’, Bakkt has apparent abounding delays above-mentioned to this, apprehension authoritative approval.
Despite accepting CFTC approval by absence (lack of disapproval), it still has approval from one authoritative ascendancy to attain. Bakkt needs to become a able babysitter in adjustment to absolutely barrage its futures products, and this lies in the easily of the NYDFS.
Bakkt will absolutely achievement that this new analysis helps to accelerate the process, as it has already been in appliance for several months.
Interestingly, NYDFS has ahead issued a BitLicense to a aggregation for custodial services, aback in November aftermost year.
Perhaps Bakkt’s Bitcoin futures articles could barrage eventually than we think?
