Finalized BitLicense to be out 'Very Soon'

[yellowpage09]

The New York State Department of Financial Services (NYDFS) has suggested that it is inching closer to the release of a finalized BitLicense under which cryptocurrency businesses would come under regulation in the state.

Subsequent to the conclusion of a comment period last month, NYDFS deputy superintendent for public affairs Matt Anderson said that the NYDFS is going through the responses from its final round of open community feedback.

"We take some time to review the comments for potential changes or modifications, and hopefully [will] publish a final rule soon", Anderson told CoinDesk.

The release of BitLicense has been expected for quite some time now since it was first proposed in late 2013. Though no precise date was set for the release, Anderson emphasized that the final version of the BitLicense would be out "very soon".

"We're trying to work expeditiously, but we're not trying to work toward any particular date," he said.

(Source: http://fxwire.pro/Finalized-BitLicense-to-be-out-Very-Soon-26343)

[Amph]

this should regulate also individuals that didn't have money transmitter license right?

[BitCoinMadness]

The latest draft of proposed regulations is stifling for bitcoin businesses (except for maybe the biggest well financed players in the bitcoin space). I just don't think Ben Lawsky wants his legacy to be that of promulgating regulations that turn New York into a bitcoin innovation wasteland, and I feel that he won't let it.

Hence, it's my best guess that nothing gets promulgated for quite a long time and it will be a seriously scaled down version of what the second draft is.

[WhatTheGox]

The release of BitLicense has been expected for quite some time now since it was first proposed in late 2013. Though no precise date was set for the release, Anderson emphasized that the final version of the BitLicense would be out "very soon".

"We're trying to work expeditiously, but we're not trying to work toward any particular date," he said.

(Source: http://fxwire.pro/Finalized-BitLicense-to-be-out-Very-Soon-26343)

I thought we would be seeing bitlicense in early 2015 though... like january.  Lawsky said in late 2014 that we'd have licensed exchanges opening up in new york @ that time.  What caused such a delay?

[WhatTheGox]

According to Jerry Brito we have until end of may for bitlicense to be issued:

 https://twitter.com/jerrybrito/status/590865196127772672

[Lauda]

According to Jerry Brito we have until end of may for bitlicense to be issued:

 https://twitter.com/jerrybrito/status/590865196127772672

FYI don't make double posts. Although this is possible it is unlikely. One should never have his hopes high. Here's the definition from Blizzard:

Now ←-------------- Very Soon -------- Soon -------- Soon-ish(er) ------- Soon-ish --------→ End of Time

source: http://www.wowwiki.com/Soon
Even though I'd like to see the license finalized I don't think that it will come just yet. We might have to wait a bit more. Hopefully they don't make something bad out of it.

[dwdoc]

Bitlicense out today.
No major changes since last draft.
Minor software changes do not require pre-approval only if change in business model.
Duplicate AML compiance certification with Feds and state not necessary.
New VC pre-approval only neccessary if new "controlling" member invests.
Lawsky anticipates the Bitlicense may be accepted by most or all other states...

[knight22]

Link: http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf

[chmod755]

Lawsky anticipates the Bitlicense may be accepted by most or all other states...

If that's true, $5,000 is a reasonable price for becoming a certified wallet or exchange service.