Lawsky’s Last Bitcoin Licensing Playhttp://www.pymnts.com/news/2015/lawskys-last-bitcoin-licensing-play/#.VWNRxcZ2UZwNew York is on the verge of getting new licensing rules governing commercial use of virtual currencies including bitcoin. As Benjamin M. Lawsky steps down next month as head of the New York State Department of Financial Services (NYDFS), he will unveil a set of rules known colloquially as the BitLicense, The Wall Street Journal reported Thursday (May 21).
BitLicense traces its genesis to the end of 2013, and would govern how digital currency companies might be regulated in the state. There was a comment period in March. During that comment period, bitcoin firms, financial backers and other players stated they are concerned that the BitLicense, the first one of its kind, will serve as a harbinger for what is to follow in other states.
Industry participants worry the regulations could place stumbling blocks in the way of small tech companies or startups with limited access to funds and other resources.
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