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The BitLicense Hurts New York, Not Bitcoin

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Bitlicense Hub

MATT ODELL  •  LAST UPDATED: FEB 05, 2015


Update (Feb. 4th, 2015) new

New York State Department of Financial Services Releases Revised BitLicense Proposal (PDF)

Changes between the new draft of the NYDFS Bitlicense and the previous one are highlighted (PDF)

CoinCenter's initial thoughts on New York’s revised BitLicense proposal


Update (Dec. 18th, 2014)

Key Points of Bitlicense Announcement at Today's Event

1) New draft in next 2 days. (Edit: 2 days have passed and it still hasn't been released. It should be released shortly.)

2) There will be a 30 day comment period after release of new draft.

3) Late January is expected timeframe for Bitlicense to go live.

4) Software developers, merchants, miners, consumers and investors are exempt.

5) Required to keep 7 years of records, down from 10 years in the original draft.

6) Not required to keep records for virtual digital currency transactions.

7) Interim 2 year licenses will be prioritized to businesses that may not yet be able to qualify but wish to comply.

Coindesk: NYDFS Superintendent Lawsky Outlines Revisions to New York's BitLicense in DC Speech

Update (Dec. 17th, 2014)

New York Department of Financial Services Superintendent Ben Lawsky on Twitter: We're outlining updates to our BitLicense regulatory framework tomorrow at Bipartisan Policy Event.

Update (Dec. 3rd, 2014)

According to Superintendent Lawsky on Twitter, the revised version of the Bitlicense should be released later this month. Furthermore, all public responses to the Bitlicense are now available online.

Update (Oct. 21st, 2014)

With the public comment period ending today, here are the next steps the NYDFS plans to take, based on Superintendent Lawsky's comments at the Bitlicense discussion that took place at Cardozo Law School last week:

According to Superintendent Lawsky, the next steps are as follows:

1) NYDFS will read and make public all comments.

2) NYDFS will release redrafted guidelines.

3) NYDFS will open up another public commentary period.

4) NYDFS will release final regulations with 45-60 days for companies to comply.


Update (August 21st, 2014):

The NYDFS has extended the Bitlicense Comment Period by 45 days to October 21st, 2014.

Benjamin Lawsky



A little less than a month ago, Superintendent Benjamin Lawsky, on behalf of the New York State Department of Financial Services, presented their Bitlicense guidelines. These guidelines are meant to be the model for future federal Bitcoin regulations and are now under a 45 day community review period. Many industry players feel that the review period is too short and request that it be extended in good faith. One thing is for certain, if regulations are too strict, then businesses will move elsewhere.

The estimated total cost to apply for a New York BitLicense for the hypothetical company described above would be $12,000 to $15,000. - Jason Tyra | Bitcoin Tax Blog

Below we have compiled responses from individuals and organizations throughout the industry. This page will be updated as new responses are posted online. If you have a response you would like us to add, email me at matt@coinprices.io

Bitlicense Responses w/ Petition Attached

Bitlicense Responses with no Petition

Protests to Bitlicense



You should send your own responses/thoughts on the Bitlicense to NYDFS:

Dana V. Syracuse Office of General Counsel New York Department of Financial Services One State Street New York, NY 10004-1511 Email: dana.syracuse@dfs.ny.gov

Source for Submission Address

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CoinPrices and the author of this post are not affiliated with any products, events, companies, or any other entity covered in this piece. This post does not constitute an endorsement or guarantee of the listed products in any way. This post and any comments written by the author should not be considered financial advice. It is merely intended to provide information to users.
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