[2015-08-15] NYDFS Receives 22 Initial BitLicense Applications

[tyz]

NYDFS Receives 22 Initial BitLicense Applications   The New York State Department of Financial Services (NYDFS) has revealed that it has so far received 22 applications from firms seeking to engage in virtual currency business activity in the US state.

http://www.altcointoday.com/nydfs-receives-22-initial-bitlicense-applications/

[bryant.coleman]

I have read in an article that some of these applications will be turned down. Even the application filed by Coinbase had some technical issues, but in the end they sorted it out. Filing the application for BitLicense is an extremely complicated process. Although the application fee is just $5,000, most of the applicants are spending 10 to 20 times of that amount for related expenses (such as hiring legal consultants).

[Kprawn]

It's one thing to license it, but it's another thing to make it so complicated that you need consultants to figure out how to adhere to it. This consultancy companies are also part of the law makers in this process.

The sad part is, this is in no way a good thing for New York, because they are showing companies a closed door, when they want to create job opportunities for new innovative Bitcoin businesses.

Some regulation to protect consumers are acceptable, but this is surely overkill and serve a higher hidden agenda. {Slowing Bitcoin progress in the financial capital of the USA}