New York Department of Financial Services Superintendant Ben Lawsky has announced they are considering a transitional BitLicence, one which would be more applicable to the needs of small businesses and startups.
The transitional BitLicence, which doesn’t yet have a name, would allow these smaller entities a less constrictive regulatory environment in which to operate. The transitional BitLicence would only be available, though, for a limited time period.
The announcement was made during Lawsky’s keynote speech at the Money 20/20 conference. During this speech, he mentioned the transitional BitLicence was a response to the criticism the NYDFS faced during the commentary period.
And the criticism has been significant. Coinbase, OKCoin, Xapo, Circle, BitPay, and the Electronic Frontier Foundation have all spoken out against it.
Lawsky also mentioned the NYDFS would be making a revised BitLicence framework available for public comment “soon”, with the goal of having it completed by January of next year.
Ben Lawsky Announces a "Transitional BitLicence" For Startups
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