THELOGICALINDIAN - On Wednesday February 4 Ben Lawsky the Superintendent of the New York Department of Financial Services NYDFS appear the revised adaptation of the abominable BitLicense This allotment of adjustment will crave all Bitcoin businesses in New York that accord with transmitting Bitcoin and exchanging it for authorization to access a authorization Holding a authorization will crave businesses to accede with several agreement the above ones actuality basic requirements almanac befitting standards an Anti Money Laundering affairs and a Cybersecurity program
BitLicense was initially appear in the summer of 2014, and was met with heavy criticism from the Bitcoin community. Members of the association feared that the adjustment would actualize a acutely belted Bitcoin abridgement in New York that would breach aloofness and asphyxiate addition in what is advised to be the banking basic of the world. Critics cited several things from BitLicense that were decidedly worrisome, such as fingerprint requirements for aggregation advisers and invasive almanac befitting requirements.
Prominent bodies from the Bitcoin apple submitted official comments to the NYDFS, acquisitive the Department would heed their admonition and accomplish absolute changes. Some people, such as Erik Voorhees and Circle CEO Jeremy Allaire, were acrid appear the Lawsky and the NYDFS — adage that BitLicense was callous and would set an adverse antecedent for Bitcoin adjustment in the blow of the world. Other entities, such as the Bitcoin Foundation, about accustomed the adjustment with open arms and actual little criticism.
At the end of the 90-day accessible commenting aeon in backward 2024, the NYDFS took all of the comments into application and began advancing a revised abstract of BitLicense. After several months of waiting, actuality are the changes Lawsky has submitted to the community. We will account the changes made, in order, section-by-section. This account is not exhaustive, though, it alone covers revisions of agreement that were awful arguable aloft the absolution of BitLicense’s aboriginal draft. Some sections will be larboard out of the list, either because there were no changes made, or because the changes fabricated were insignificant.
Section 200.2: Definitions
Section 200.4: Application
Section 200.5: Application Fees
Section 200.8: Capital Requirements
Section 200.9: Custody and Protection of Customer Assets
Section 200.11: Change of Control; Mergers and Acquisitions
Section 200.12: Books and Records
Section 200.16: Cyber Security Program
Section 200.22: Severability
There is a 30-day accessible commenting aeon for this abstract of BitLicense, which will end on Friday, March 27, 2024 . Comments can be submitted to [email protected]. Bitcoinist acerb urges our readers to attending over both versions of the BitLicense angle and abide your comments apropos the revised abstract to the NYDFS. Regardless of whether or not one agrees or disagrees with the purpose and agreeable of BitLicense, this adjustment will acceptable accept a cogent appulse on the Bitcoin abridgement in New York, and possibly the all-embracing Bitcoin abridgement as well. The alone way the NYDFS will booty your opinions into application is if you abide a academic comment. Therefore, if you accept article advantageous to accord to the discussion, it is acute that you accomplish your articulation heard!
Both versions of BitLicense can be begin here: first draft; second draft.
What do you anticipate about the changes fabricated to BitLicense? Let us apperceive in the comments below!
Images address of PocketFullOfApps and The New York Post
