BitLicense is the regulatory and legal framework that determines the working conditions of Bitcoin and blockchain companies in the state of New York – may soon be revised. This opinion was expressed by local politicians and lawyers following the results of the roundtable held on Friday, February 23.
The New York “BitLicense” was adopted in the summer of 2015 by the Financial Services Authority of New York (NYDFS), and as expected, with its introduction, crypto-exchange companies will have the opportunity to work in a regulated environment and be protected by the state. The effect, however, turned out to be the opposite: for many start-ups, the proposed conditions proved unacceptable, not only from the regulatory point of view, but also for purely financial reasons. As a result, a large number of industry representatives simply stopped working in the state of New York, and the owners of BitLicense itself are only four companies: Circle, Ripple, Coinbase and Japanese BitFlyer.
In April last year, one of the oldest members of the Bitcoin Foundation, Theo Chino, decided to challenge the licensing procedure for cryptocurrency companies in New York, while the organization itself called the introduction of BitLicense a “poorly thought out” step that “almost completely destroyed the bitcoin innovation “.
“We want to discuss all these issues and understand how to make this license work for the residents of New York State and its economy,” Carlucci said.
Talk about the need to cancel BitLicense or revise the terms of its provision has been underway for several years, and as it now became known, the relevant law could soon be submitted to the State Senate. At least, this is what David Carlucci said about the results of the roundtable held on Friday.