Paleus (OP)
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August 22, 2015, 08:10:14 PM Last edit: December 17, 2016, 07:52:52 PM by Paleus |
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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
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Cybernaut
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August 23, 2015, 07:50:25 AM |
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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?
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Denker
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August 23, 2015, 09:15:17 AM |
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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.
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jjacob
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August 23, 2015, 01:48:18 PM |
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This exodus of start ups must get the authorities thinking again. Let us hope this feedback is enough for them to simplify things.
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BlackPanda
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August 23, 2015, 01:59:56 PM |
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I hope like it and happens true ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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RustyNomad
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August 23, 2015, 02:02:58 PM |
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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.
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kelsey
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August 23, 2015, 02:04:08 PM |
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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 ![Undecided](https://bitcointalk.org/Smileys/default/undecided.gif)
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tadakaluri
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August 23, 2015, 04:30:46 PM |
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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
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S4VV4S
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August 23, 2015, 05:35:59 PM |
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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. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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RustyNomad
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August 23, 2015, 05:46:55 PM Last edit: August 23, 2015, 09:29:15 PM by RustyNomad |
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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. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) 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
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Paleus (OP)
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December 17, 2016, 07:54:26 PM |
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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. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) 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.
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Kakmakr
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December 19, 2016, 08:21:51 AM |
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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^
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..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
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ljudotina
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December 19, 2016, 08:38:57 AM Last edit: December 21, 2016, 08:38:51 AM by ljudotina |
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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.
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Jet Cash
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December 19, 2016, 08:52:13 AM |
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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. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Offgrid campers allow you to enjoy life and preserve your health and wealth. Save old Cars - my project to save old cars from scrapage schemes, and to reduce the sale of new cars. My new Bitcoin transfer address is - bc1q9gtz8e40en6glgxwk4eujuau2fk5wxrprs6fys
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jacaf01
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December 19, 2016, 09:07:26 AM |
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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
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Yasmonsan
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December 19, 2016, 09:10:13 AM |
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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.
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Jet Cash
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https://JetCash.com
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December 19, 2016, 09:21:30 AM |
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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. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Offgrid campers allow you to enjoy life and preserve your health and wealth. Save old Cars - my project to save old cars from scrapage schemes, and to reduce the sale of new cars. My new Bitcoin transfer address is - bc1q9gtz8e40en6glgxwk4eujuau2fk5wxrprs6fys
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calkob
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December 19, 2016, 09:53:10 AM |
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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 $5000. August 8th was the deadline for all companies to comply. Since that time we have seen a sizable exodus of startup companies choosing not to service the New York region precisely because of this regulation. The bulk of the commentary on the BitLicense’s success thus far came from Ben Lawksy, who, as he puts it “is doing no work in the virtual currency space at all.” after implementation of the license then handing off the reigns of procurement to others at the Department of Financial Services NY. Lawksy states that “smart regulation puts guardrails and rules in place that hopefully won’t stifle innovation” and that “the jury is still out” on the BitLicense. Read The Full Article New york is only hurting itself here, Why on earth they think that they can some how regulate a global decentralised system like bitcoin. all they are doing is damaging themselves. innovation will just go else where.
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Juggy777
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December 19, 2016, 03:52:12 PM |
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This is completely against the philosophy of Bitcoin. They are supposed to be be decentralised and not have it caught up in regulations and 5000$ 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.
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Kprawn
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December 19, 2016, 04:04:39 PM |
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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. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) 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.
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