Topic: Final NYDFS Bitlicense - page 2. (Read 1406 times)
hopefully there will be a video soon.
So Lawsky finally delivered at last?
Would like a TL;DR version in lawman terms for the common folk that isn't into the bureaucratic jargon.
Would like a TL;DR version in lawman terms for the common folk that isn't into the bureaucratic jargon.
Here it is:
http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf
Here a video that explains the changes from the latest version:
https://www.youtube.com/watch?v=hpjrBNqqTzs
http://shotcallin.pbworks.com/w/file/fetch/97011516/Ben-Lawsky-NYS-SFS-Unveils-Changes-to-Final%20version-of-BitLicense-June-3-2015.mp3
tl;dr according from someone on reddit:
"Big changes" according to lawsky
1. No prior approval for non-material changes necessary. However, if a firm is licensed as a wallet service and begins to operate as an exchange service for example, that constitutes a material change.
2. No regulation of software developers; regulation will only apply to entities holding assets.
3. No requirement for duplicative applications for a bitlicense and money transmitter license.
4. Firms will have access to a one-stop-shop submission of information.
Companies that already file suspicious activity reports with entities like FINCEN do not need to duplicate reports, as DFS already has access to those reports.
5. Companies do not need approval to raise money for a new round of funding unless they are acting as a "control person," i.e. an activist board member or investor.
http://www.reddit.com/r/Bitcoin/comments/38dgcm/livestream_nydfs_ben_lawsky_on_digital_currency/cru8yrm
http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf
Here a video that explains the changes from the latest version:
https://www.youtube.com/watch?v=hpjrBNqqTzs
http://shotcallin.pbworks.com/w/file/fetch/97011516/Ben-Lawsky-NYS-SFS-Unveils-Changes-to-Final%20version-of-BitLicense-June-3-2015.mp3
tl;dr according from someone on reddit:
"Big changes" according to lawsky
1. No prior approval for non-material changes necessary. However, if a firm is licensed as a wallet service and begins to operate as an exchange service for example, that constitutes a material change.
2. No regulation of software developers; regulation will only apply to entities holding assets.
3. No requirement for duplicative applications for a bitlicense and money transmitter license.
4. Firms will have access to a one-stop-shop submission of information.
Companies that already file suspicious activity reports with entities like FINCEN do not need to duplicate reports, as DFS already has access to those reports.
5. Companies do not need approval to raise money for a new round of funding unless they are acting as a "control person," i.e. an activist board member or investor.
http://www.reddit.com/r/Bitcoin/comments/38dgcm/livestream_nydfs_ben_lawsky_on_digital_currency/cru8yrm
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