New York Financial Regulator May Loosen Grip On BitLicense

New York State Financial Services Authority (NY DFS) officials have expressed a desire to simplify the process of obtaining the long-awaited BitLicense.

What is BitLicense?

BitLicense is the most strict legal framework for the crypto industry in New York State. Companies that want to provide transaction services to residents of this state are required to receive it. This applies even to those companies that are registered in any other jurisdiction.

Innovations

The new initiative suggests that entrepreneurs will have the opportunity to receive limited licenses, which will only work if they partner with licensed companies.

Representatives of NY DFS believe that this initiative will help reduce the number of obstacles for entrepreneurs who want to get BitLicense. So far this is only an offer, and officials want to collect feedback from the public before August 10 of this year.

BitLicense in numbers

As of the end of June 2020, only 25 companies have BitLicense. Since the procedure is complex, many representatives of the crypto industry (even such giants as Bittrex and Kraken) refuse to receive it.

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