New York Department of Financial Services (NYDFS) released BitLicense, the world’s most awaited Bitcoin regulatory framework
5 June 2015, 06:11
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After two years of debates and revisions, the New York Department of
Financial Services (NYDFS) released BitLicense, the world’s most
awaited Bitcoin regulatory framework that many experts believe could be a
prototype for other state regulators.
Mr. Benjamin Lawsky, the soon-to-be former Superintendent of NYDFS, dictated the law during a speech in Washington DC. The new rules, as said by the regulator, were focused on businesses which hold customers’ funds, and also those which offers digital currency to fiat exchange services. As per the speech,*these kind of firms*are told to obtain a special DFS license, and are further asked to keep their license up to date with regards to the laws related to consumer protection, anti-money laundering, change of ownership, and amongst others.
“Our goal is to avoid duplication where possible,” he said. “And we generally already have access to that information when we need it through information sharing arrangements with federal regulators.
Mr. Benjamin Lawsky, the soon-to-be former Superintendent of NYDFS, dictated the law during a speech in Washington DC. The new rules, as said by the regulator, were focused on businesses which hold customers’ funds, and also those which offers digital currency to fiat exchange services. As per the speech,*these kind of firms*are told to obtain a special DFS license, and are further asked to keep their license up to date with regards to the laws related to consumer protection, anti-money laundering, change of ownership, and amongst others.
“Our goal is to avoid duplication where possible,” he said. “And we generally already have access to that information when we need it through information sharing arrangements with federal regulators.
