NYDFS reviews requirements BitLicense

Posted 23 October, 2019

Speaking at Georgetown University’s Institute of International Economic Law during DC Fintech Week, NYDFS Superintendent Linda Lacewell stated the New York Department of Financial Services (NYDFS) is revisiting its controversial virtual currency license. 

As noted, BitLicense is issued to companies so that they can carry out financial transactions with New Yorkers, even if these companies are located in another country. Representatives of NYDFS warned that companies should not have high expectations for softening requirements. However, NYDFS is ready to consider the offers of the cryptocurrency community, how to improve the process of issuing a license.

Considering the strict requirements of the regulator for obtaining BitLicense, as well as the lengthy process of processing and checking documentation, the license has ceased to be in demand among startups working in the blockchain field.

“This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].” 

The BitLicense was put in place in 2015 and is said to be the toughest license to acquire when one wants to break into the US market. Some companies like Kraken closed operations In New York after the BitLicense was implemented.

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