Bitcoin Exchange Coinbase Granted New York’s BitLicense
New York’s department of financial services has approved bitcoin exchange Coinbase’s application for a virtual currency and money transmitters license, making it one of the largest bitcoin companies to gain the department’s approval. Coinbase becomes one of five virtual currency firms granted approval to operate in New York State, according to a department news release. The New York BitLicense became effective on June 24, 2015, as one of the stricter state laws governing cryptocurrency businesses. Several cryptocurrency businesses – such as LocalBitcoins, BitFinex and Kraken – chose to....
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The New York State Department of Financial Services (NYDFS) has awarded cryptocurrency exchange Coinbase a formal license to do business in the state. Though Coinbase has been allowed to serve New York customers under a safe-harbor provision while the application process was being conducted, the formal award of the so-called "BitLicense" solidifies the exchange's operating status. Coming at a time when the exchange has been waging what could be an expensive legal battle with the IRS to protect its customer data, the license is being described as a "validation" of....
Regulators & Bitcoin. New York’s BitLicense was a particular hot topic for the weekend. Bruce Fenton told the audience at TNABC that current regulators aren’t our friends. Some of the specific regulations regarding New York’s BitLicense seem a bit excessive. Lawsky has said that the regulations are to weed out bad actors, but such measures can weed out even good actors. Fenton called Lawsky’s hearing and TV appearances a masquerade. Regulations haven’t really the community’s expectations. Although that may be the case the governors that elect the regulators are so citizens can call them....
The BitLicense comes at a time when Coinbase is already embroiled in an expensive legal battle with the IRS. Bitcoin wallet and exchange Coinbase yesterday announced that they have obtained the Bitlicense from the New York Department of Financial Services (NYDFS). It is the formal license to carry out digital currency-related businesses in the state of New York. Coinbase believes that the long-term success of virtual currency and blockchain technologies will require productive partnerships between industry and government. Support from government is seen as essential in longevity of any....
Finalized in June of 2015, New York’s BitLicense regulation was heralded as a potential boon for an industry then struggling to shake its stigma as the unregulated ‘Wild West’ of the financial industry. More than six months after the deadline for application filings, however, the New York State Department of Financial Services (NYDFS) has yet to emerge as a regular newsmaker in the industry. The NYDFS has only issued one BitLicense under the regulatory framework, which it provided to bitcoin services firm Circle in September 2015. According to figures provided to CoinDesk by the NYDFS,....
Bitcoin company Xapo recently released its second comment letter on New York’s revised BitLicense. Additionally, the company has teamed up with other bitcoin industry leaders in submitting a combined comment letter to provide further feedback on the BitLicense proposal. After BitLicense was introduced by the New York Department of Financial Services (NYDFS) last year, Xapo released its first letter providing its comments. The NYDFS released its revised BitLicense proposal in February 25, 2015. Shortly afterward, on March 27, 2015 Xapo released its second BitLicense comments.