BitLicense let New York become a bitcoin “hell city”

BitLicense let New York become a bitcoin “hell city”

In New York, BitLicense became the 18 months after the law, New York regulators only issued two BitLicense licenses. According to the Reuters disclosure, rejected the regulator’s BitLicense application, only four copies.


In addition, BitLicense license application backlog number has reached 15 copies, the snail’s approval progress has been accused of.


Bitcoin foundation and former executive director Patrick Mulk (PatrickMurck) told reporters:


“New York regulators will regulations together, and those key members almost leave, which has been completely digital currency industry behind, but the choice will focus on traditional service providers on the body.”

During the BitLicense project released in its creation and monetary circles have encryption condemning, and this regulatory scheme, by the New York Financial Services Authority (NYDFS) (BenjaminLawsky) Mr. Benjamin Lawski initiated.


Routh put forward based on the overall supervision, to New York encryption currency, this view caused a lot of criticism and critics of encryption currency entrepreneurs.


However, when the BitLicense regulations came into effect in 2015 June, and has a legal binding, Routh suddenly chose to leave, and soon after, several senior staff also chose to leave.


Since then, New York business regulatory encryption currency progress appears to have been completely stopped, critics point out that other states will soon catch up the pace of the state of New York.


For example, California put forward a similar BitLicense regulatory scheme in August. This month, the state even allows the use of encryption currency as the merchant medical marijuana payment solutions.

“Yes, why bitcoin or block chain companies want to escape from New York?”


The reason is..BitLicense…. Keke cough.


Even in the consumer level, the state of New York has become obsolete and backward, popular encryption currency services such as ShapeShift and Poloniex, in the area have been blocked. Now, users are forced to travel to New Jersey.


At the same time, there are people trying to change the contents of the Bitlicense regulations.

Bitcoin foundation is attempting to modify the current version of Bitlicensehttp://link.bitcoinspigot.com/22S in the state of New York”


The appendix content will “require each covered entity to assess their specific risk profiles, and design a plan to solve the risk, JDSupra reports.


Another interesting development is that before this week, the New York Financial Services Bureau has joined Law Corporation consultant DanaSyracuse PerkinsCoie, and served as a consultant to the company’s chain block. It is reported that Syracuse plays a key role in the concept of Bitlicense, but he soon left the New York financial services bureau.


There is still hope?


However, not everyone in New York bitcoin business situation is pessimistic. CoinCenter executive director JerryBrito told the Reuters:


“I think if a company says, we do not want to do business in the state of New York, I think this is a very rare.”


What do you think is the BitLicense in the future of New York? Regulators can improve the situation? Welcome to post your views.

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