More BitLicense rules coming to New York

Benjamin Lawsky, Superintendent of the New York Department of Financial Services, plans to unveil additional bitcoin licensing rules before his departure from government service in June, according to a report by the Wall Street Journal.

These rules will be added on to the second draft of the BitLicense, New York State’s regulatory framework for virtual currency companies operating in the state. Lawsky attempted to relieve concerns about the BitLicense by stating that it only truly applies to financial intermediaries, not software developers.

Lawsky also emphasized that bitcoin exchanges would not need to apply for both a money-transmission license and a BitLicense. “You will be able to file just one application for both and you will be able to cross-satisfy, so that even in those duplication cases you don’t have to do the paperwork twice,” Lawsky said.

The New York Department of Financial Services announced that Lawsky’s departure would not affect the updated details of the BitLicense.

Recommended Posts