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Topic: Final NYDFS Bitlicense - page 2. (Read 1411 times)

legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
June 03, 2015, 10:58:28 AM
#3
hopefully there will be a video soon.
hero member
Activity: 672
Merit: 503
June 03, 2015, 10:53:42 AM
#2
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.
legendary
Activity: 1372
Merit: 1000
--------------->¿?
June 03, 2015, 10:45:06 AM
#1
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
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