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The New York Department of Financial Services introduced the BitLicense Regulatory Framework.
This regulation would require many virtual currency businesses to pay a $5,000 non-refundable application fee for a license. An alternative is for businesses to obtain a charter which would only be granted under specific business purposes.
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BitLicense Regulatory Framework goes into effect.
The BitLicense requirement applies to many virtual currency businesses, including those engaged in:
- virtual currency transmission;
- storing, holding, or maintaining control of virtual currency on behalf of another individual;
- buying and selling virtual currency as a customer business;
- performing exchange services as a customer business; or
- controlling, administering, or issuing virtual currency.
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BitLicense Regulation Controversy
NY’s BitLicense Regulation created controversy and drove businesses to leave the state, such as ShapeShift.io. At the same time, many states were examining BitLicense as a potential regulatory framework to adapt for their own legislatures.
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Circle Internet Financial issued license.
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Gemini Trust Company, LLC. issued charter.
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XRP II, LLC. (an affiliate of Ripple Labs, Inc.) issued license.
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Coinbase issued license.
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A new bill with the potential to reverse BitLicense is introduced as NY A9899 in the NY State Assembly.
- A9899 was introduced by assembly member Ron Kim.
- This bill creates a regulatory sandbox which would encourage the growth of NY startups in the cryptocurrency and blockchain sector.
- A9899 also amends banking law so that licensing on virtual currency businesses is prohibited.
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Gemini Trust Company, LLC. issued charter with further allowances.
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Paxos Trust Company, LLC. issued charter.
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Genesis Global Trading issued license.
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Xapo, Inc. issued license.
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Square, Inc. issued license.
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BitPay, Inc. issued license.
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A9899 is pending in the NY State Assembly.
