New York Is Losing Its Battle To Regulate Bitcoin

[Paleus]

BITLICENSE: A BOON OR BUST?

On June 24th, 2015 the BitLicense was adopted by legislation and is now recognized by the NY Department of Financial Services (NYDFS). Businesses handling bitcoin and virtual currencies must apply for the license within 45 days from its initial announcement and pay an application fee of $5000. August 8th was the deadline for all companies to comply.

Since that time we have seen a sizable exodus of startup companies choosing not to service the New York region precisely because of this regulation.

The bulk of the commentary on the BitLicense’s success thus far came from Ben Lawksy, who, as he puts it “is doing no work in the virtual currency space at all.” after implementation of the license then handing off the reigns of procurement to others at the Department of Financial Services NY. Lawksy states that “smart regulation puts guardrails and rules in place that hopefully won’t stifle innovation” and that “the jury is still out” on the BitLicense.

Read The Full Article

[Cybernaut]

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

[Denker]

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

Yes this is correct. First he made the laws, then he is leaving his chair and now started his own crypto consulting company to support startups how to drive through that jungle of regulations he created. Of course just for a small buck.

[jjacob]

This exodus of start ups must get the authorities thinking again.
Let us hope this feedback is enough for them to simplify things.

[BlackPanda]

I hope like it and happens true 

[RustyNomad]

I strongly doubt the authorities will rethink the current regulations.

A large number of exchanges/businesses have already applied for licences to the authorities will not be concerned about the few who packed up and left.

[kelsey]

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

only in American 

[tadakaluri]

Here is the Complete list of Latest In & Outs of BitLincense:

Companies Applying for the BitLicense in New York:

Xapo Inc.
Coinsource
Coinbase
Coinsetter
Bittrex
Circle
Bitstamp
MonetaGo

Ceasing Operations in New York:

Rebit.ph
Backpage
LocalBitcoins
Genesis Mining
BitQuick
BitMex
Kraken
Bitfinex
GoCoin
Poloniex
Shape Shift
Eobot
BTC Guild

[S4VV4S]

Here is the Complete list of Latest In & Outs of BitLincense:

Companies Applying for the BitLicense in New York:

Xapo Inc.
Coinsource
Coinbase
Coinsetter
Bittrex
Circle
Bitstamp
MonetaGo

Ceasing Operations in New York:

Rebit.ph
Backpage
LocalBitcoins
Genesis Mining
BitQuick
BitMex
Kraken
Bitfinex
GoCoin
Poloniex
Shape Shift
Eobot
BTC Guild

8 in - 13 out

I strongly doubt the authorities will rethink the current regulations.

A large number of exchanges/businesses have already applied for licences to the authorities will not be concerned about the few who packed up and left.

I think you got it mixed.
It's a few companies who applied and a large number that packed up and left.

[RustyNomad]

8 in - 13 out

I think you got it mixed.
It's a few companies who applied and a large number that packed up and left.

Did not realise so many were leaving but then again, the ones staying or applying number almost 50% and from what I know, stand to be corrected, those staying looks to be some of the larger operations.

EDIT: Knew I read somewhere that a large number applied.... http://www.coindesk.com/nydfs-22-bitlicense-applications/

So its actually 22 vs 13

[Paleus]

Here is the Complete list of Latest In & Outs of BitLincense:

Companies Applying for the BitLicense in New York:

Xapo Inc.
Coinsource
Coinbase
Coinsetter
Bittrex
Circle
Bitstamp
MonetaGo

Ceasing Operations in New York:

Rebit.ph
Backpage
LocalBitcoins
Genesis Mining
BitQuick
BitMex
Kraken
Bitfinex
GoCoin
Poloniex
Shape Shift
Eobot
BTC Guild

8 in - 13 out

I strongly doubt the authorities will rethink the current regulations.

A large number of exchanges/businesses have already applied for licences to the authorities will not be concerned about the few who packed up and left.

I think you got it mixed.
It's a few companies who applied and a large number that packed up and left.

Would be interesting to see an updated list as I think the startup community in the NY bitcoin scene has been hit even harder since 2015.

[Kakmakr]

The NYSDFS fked themselves, when they implemented this in the State of New York. Most of the Crypto companies left the state and resumed operation in other states where they did not have to pay those ridiculous license fees and be subjected to all that red tape. The regulators of that piece of legislation created some nice jobs for them as consultants to explain the complex legislation to the busineses that had to adhere to it, before they would be allowed to operate under that BitLicense. A great barrier to entry for 1000's of Bitcoin startups in New York. ^hmmmmm^

[ljudotina]

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

Yes this is correct. First he made the laws, then he is leaving his chair and now started his own crypto consulting company to support startups how to drive through that jungle of regulations he created. Of course just for a small buck.

I couldnt put it better myself. Word for word. Dude created bunch of traps and now is  making money for guiding trough them. That kind of bullshit actions should be illegal.

[Jet Cash]

Looks like another small step towards moving financial centres away from New York. How long will it be before we start calling it Old York.

[jacaf01]

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

Yes this is correct. First he made the laws, then he is leaving his chair and now started his own crypto consulting company to support startups how to drive through that jungle of regulations he created. Of course just for a small buck.

I couldnt put it better myself. Wrod for word. Dude created bunch of traps and now is  making money for guiding trough them. That kind of bullshit actions should be illegal.

That is the beauty of free market and capitalism, you make pencil to write and create eraser to erase what you wrote

[Yasmonsan]

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

That is right. I think it is a kind of corruption.

[Jet Cash]

That is the beauty of free market and capitalism, you make pencil to write and create eraser to erase what you wrote

Isn't that the truth.

[calkob]

BITLICENSE: A BOON OR BUST?

On June 24th, 2015 the BitLicense was adopted by legislation and is now recognized by the NY Department of Financial Services (NYDFS). Businesses handling bitcoin and virtual currencies must apply for the license within 45 days from its initial announcement and pay an application fee of $5000. August 8th was the deadline for all companies to comply.

Since that time we have seen a sizable exodus of startup companies choosing not to service the New York region precisely because of this regulation.

The bulk of the commentary on the BitLicense’s success thus far came from Ben Lawksy, who, as he puts it “is doing no work in the virtual currency space at all.” after implementation of the license then handing off the reigns of procurement to others at the Department of Financial Services NY. Lawksy states that “smart regulation puts guardrails and rules in place that hopefully won’t stifle innovation” and that “the jury is still out” on the BitLicense.

Read The Full Article

New york is only hurting itself here, Why on earth they think that they can some how regulate a global decentralised system like bitcoin.  all they are doing is damaging themselves.  innovation will just go else where.

[Juggy777]

This is completely against the philosophy of Bitcoin. They are supposed to be be decentralised and not have it caught up in regulations and 5000$ that's a huge fees. It's strange that bitcoin has been forced to caught in this mess. Let's hope they do reconsider and this is not taken as a precipy and implemented by all countries.

[Kprawn]

BITLICENSE: A BOON OR BUST?

On June 24th, 2015 the BitLicense was adopted by legislation and is now recognized by the NY Department of Financial Services (NYDFS). Businesses handling bitcoin and virtual currencies must apply for the license within 45 days from its initial announcement and pay an application fee of $5000. August 8th was the deadline for all companies to comply.

Since that time we have seen a sizable exodus of startup companies choosing not to service the New York region precisely because of this regulation.

The bulk of the commentary on the BitLicense’s success thus far came from Ben Lawksy, who, as he puts it “is doing no work in the virtual currency space at all.” after implementation of the license then handing off the reigns of procurement to others at the Department of Financial Services NY. Lawksy states that “smart regulation puts guardrails and rules in place that hopefully won’t stifle innovation” and that “the jury is still out” on the BitLicense.

Read The Full Article

New york is only hurting itself here, Why on earth they think that they can some how regulate a global decentralised system like bitcoin.  all they are doing is damaging themselves.  innovation will just go else where.

They are protecting the fiat companies and looking after their interest and also their own pockets. Someone has to pay for a city with a Police

force equal to the size of a whole army of a small country.  In the beginning everyone was looking towards the financial hub of the USA on

how to regulate this technology, so they went all out to protect their fiat buddies and created a legislation overkill.