The final release of the BitLicense follows nearly two years of fact-finding and debate. The NYDFS began crafting the rules after it determined the technology should not be regulated under existing state law.
The bill will not become law until its publication in the New York state register, a weekly government-issued guide to proposed rulemakings.
In remarks issued by NYDFS at the BITS Emerging Payments Forum in Washington, DC today, superintendent Benjamin Lawsky clarified that the final regulation meant firms will no longer need the agency’s approval for each new software update or round of venture capital funding.
Additional changes include the fact that companies can now satisfy BitLicense and money transmitter license requirements simultaneously with a “one-stop” application submission.
Overall, Lawsky was tepid in his optimism about the technology, reiterating past statements that suggest he believes bitcoin or other decentralized blockchain technologies could bring about needed change in the financial sector:
“We are excited about the potential digital currency holds for helping drive long-overdue changes in our ossified payments system. We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity – without stifling beneficial innovation.”
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