Home Bitcoin BitLicense at 5: A Timeline of Fresh York’s Landmark Cryptocurrency Law

BitLicense at 5: A Timeline of Fresh York’s Landmark Cryptocurrency Law

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bitlicense-at-5:-a-timeline-of-fresh-york’s-landmark-cryptocurrency-law

BitLicense at 5: A Timeline of Fresh York’s Landmark Cryptocurrency Law

Fresh York’s BitLicense debuted in 2015 to mixed reviews. Many discovered the laws to be too cumbersome and felt that crypto startups were being subjected to more sharp guidelines than contemporary financial institutions. Others defended it on the grounds that it became once fundamental to present protection to shoppers and wait on the crypto industry dilapidated.

In action, the BitLicense became once rapid to interchange the panorama of Fresh York’s crypto world. While the NYDFS got 22 applications in its first round, 15 firms furthermore ceased operations in the speak after the laws became once utilized. Five years later, only 25 entities lift the NYDFS imprint of approval. 

CoinDesk has been following the slouch of Fresh York’s crypto laws since the speak started sharp with it seven years ago. What follows is an intensive timeline of occasions surrounding the rotten laws, from the most main signs of Fresh York’s desire to control virtual currencies to basically the most as much as date traits and license recipients.

2013

  • Nov. 14, 2013: Fresh York Converse considers issuing BitLicenses to bitcoin agencies and plans to support public hearings on virtual currency guidelines in Fresh York City. (link

2014

  • March 11, 2014: Fresh York Converse Department of Financial Products and services (NYDFS) issues public impart that this could occasionally seemingly possibly possibly start up sharp with proposals for regulating virtual currency exchanges. (Gaze furthermore: NYDFS)
  • July 17, 2014: NYDFS releases list of proposed guidelines and guidelines for Fresh York-basically based completely bitcoin agencies. (link) (Gaze furthermore: NYDFS)

Would possibly possibly well possibly 2015

  • Would possibly possibly well possibly 7, 2015: Paxos, previously identified as itBit, receives the most main believe structure certified by NYDFS. (link) (Gaze furthermore: NYDFS).
  • Would possibly possibly well possibly 20, 2015: NYDFS Superintendent Benjamin Lawsky, who created the BitLicense, steps down. (link

June 2015

  • June 3, 2015: NYDFS introduces closing version of regulatory framework to mixed reviews. (link)  
  • June 24, 2015: The BitLicense goes into enact. Corporations and americans that offer digital currency services win 45 days to appear at for a license. (link)

August 2015

  • Aug. 13, 2015: NYDFS unearths it got 22 license applications in its preliminary round. (link)

September 2015

  • Sept. 22, 2015: NYDFS grants its first BitLicense to bitcoin wallet Circle. (link) (Gaze furthermore: NYDFS

October 2015

  • Oct. 1, 2015: Gemini Belief company receives a believe structure from NYDFS (link) (Gaze furthermore: NYDFS) (NYDFS)
  • Oct. 16, 2015: Theo Chino data a lawsuit in opposition to the NYDFS  in the Fresh York Converse Supreme Court docket. (link)
  • Oct. 28, 2015: The Wall Boulevard Journal reviews acting NYDFS Superintendent Anthony Albanese will resign over tensions with the governor’s place of dwelling of enterprise. (link)

March 2016

  • March 16, 2016: As much as 21 bitcoin startups dwell up for formal NYDFS affirmation as processing drags on. (link)

June 2016

  • June, 13 2016: Nine months after the most main license became once issued, distributed ledger company Ripple (XRP II) is granted the 2nd BitLicense. (link) (Gaze furthermore: NYDFS)

November 2016

  • Nov. 2, 2016: Theo Chino continues his warfare in opposition to Fresh York’s laws round bitcoin, announcing plans to wait on the city’s bodegas settle for the cryptocurrency. (link)

January 2017

  • Jan. 17, 2017: Cryptocurrency trade Coinbase is awarded the third BitLicense. (link) (Gaze furthermore: NYDFS)

June 2017

  • June 20, 2017: NYDFS starts inspecting the operations of bitcoin startups serving potentialities in the speak. (link

November 2017

  • Nov. 21, 2017: Ex-NYDFS Superintendent Benjamin Lawsky joins the board of Ripple Labs. (link)
  • Nov. 28, 2017: NYDFS grants a BitLicense to the U.S. affiliate of Japan-basically based completely bitFlyer. (link) (Gaze furthermore: NYDFS)

February 2018

  • Feb. 7, 2018: NYDFS pushes crypto companies to enhance fraud controls. (link)
  • Feb. 21, 2018: Fresh York Converse Assemblyman Ron Kim proposes a invoice to interchange the BitLicense laws. (link)
  • Feb. 23, 2018: Fresh York senators support a roundtable to revisit BitLicense and later insist an upcoming invoice to reform the licensing framework. (link)

March 2018

  • March 13, 2018: Digital funds company Square applies for a BitLicense. (link)

April 2018

  • April 12, 2018: NYDFS Superintendent Maria Vullo defends the BitLicense on the Conference of Converse Bank Supervisors. (link)

Would possibly possibly well possibly 2018

  • Would possibly possibly well possibly 17, 2018: NYDFS grants its fifth bitcoin license to Genesis World Trading. (link) (Gaze furthermore: NYDFS)

June 2018

  • June 14, 2018: Hong-Kong basically based completely XAPO Holdings is granted a BitLicense. (link) (Gaze furthermore: NYDFS)
  • June 18, 2018: Digital funds startup Square receives the seventh BitLicense. (link) (Gaze furthermore: NYDFS)

July 2018

  • July 16, 2018: Atlanta-basically based completely bitPay is granted a BitLicense. (link) (Gaze furthermore: NYDFS)

September 2018

  • Sept. 10, 2018: NYDFS approves Paxos and Gemini to tell greenback-pegged stablecoins. (link) (link) (Gaze furthermore: NYDFS)

October 2018

  • Oct. 23, 2018: DFS authorizes Coinbase World, Inc. to originate the Coinbase Belief Company LLC. (link) (Gaze furthermore: NYDFS)

November 2018

  • Nov. 1, 2018: The most main BitLicense to a bitcoin ATM goes to Coinsource, three years after the company first utilized. (link) (Gaze furthermore: NYDFS)
  • Nov. 14, 2018: Fresh York’s 10th BitLicense is awarded to digital funding community NYDIG. (link) (Gaze furthermore: NYDFS)

January 2019

  • Jan. 24, 2019: Bitcoin ATM provider LibertyX and trading startup Robinhood are granted BitLicenses (link) (Gaze furthermore: NYDFS)
  • Jan. 31, 2019: Cottonwood Merchandising LLC turns into the third bitcoin ATM operator to receive a BitLicense. (link)

March 2019

  • March 27, 2019: Fresh York grants the 18th BitLicense to high brokerage startup Tagomi Trading. (link) (Gaze furthermore: NYDFS)

April 2019

  • April 9, 2019: Europe-basically based completely cryptocurrency trade Bitstamp receives the 19th BitLicense, allowing it to electrify bigger operations to the U.S. (link) (Gaze furthermore: NYDFS)
  • April 10, 2019: Seattle-basically based completely crypto trade Bittrex’s utility for a license is rejected by NYDFS. The regulator cites the trade’s insufficient anti-money laundering measures as surely one of the most causes. (link) (Gaze Also: NYDFS)

    Gaze furthermore: NYDFS: Why We Rejected Bittrex’s Utility for a BitLicense

June 2019

  • June 21, 2019: The Fresh York Senate confirms acting NYDFS Superintendent Linda Lacewell to the unbiased. (link)

July 2015

  • July 1, 2019: Facebook applies for a BitLicense. (link)
  • July 15, 2019: NYDFS grants two licenses to SEED CX subsidiaries Zero Hash and SCXM (link) (Gaze furthermore: NYDFS)

September 2019

  • Sept. 5, 2019: NYDFS approves the most main gold-backed digital currency. (link) (Gaze furthermore: NYDFS)

October 2019

  • Oct. 22, 2019: NYDFS says this could occasionally seemingly be reviewing the BitLicense framework. (link) (Gaze furthermore: NYDFS)
  • Oct. 24, 2019: NYDFS publicizes this could occasionally seemingly be hiring a brand contemporary Deputy Superintendent for Digital Currency to win and shield compliance measures. (link)
  • Oct. 25, 2019: NYDFS extends the closing date for Bittrex potentialities in Fresh York to withdraw funds after the company became once denied a BitLicense. (link)

November 2019

  • Nov. 11, 2019: NYDFS grants a believe structure to Constancy Digital Assets. (link) (Gaze furthermore: NYDFS)

December 2019

  • Dec. 6, 2019: On-line lender SoFi is granted a BitLicense. (link) (Gaze furthermore: NYDFS)
  • Dec. 11, 2019: NYDFS Superintendent Linda Lacewell outlines proposed adjustments to the BitLicense. (link) (Gaze furthermore: NYDFS)

Would possibly possibly well possibly 2020

  • Would possibly possibly well possibly 6, 2020: ErisX turns into the 25th company to receive a BitLicense. (link) (Gaze furthermore: NYDFS)
  • Would possibly possibly well possibly 13, 2020: A CoinDesk assure finds NYDIG became once awarded the BitLicense 11 months after hiring outmoded NYDFS superintendent and BitLicense architect Benjamin Lawsky. (link)

June 2020

  • June 24, 2020: NYDFS publicizes it is finalizing its proposed steering from December, streamlining the coin record project for licensed exchanges. The regulator is furthermore releasing contemporary steering and documentation to abet candidates; letting candidates receive conditional BitLicenses in the occasion that they partner with already-licensed entities; and signs a Memorandum of Idea with the Converse College of Fresh York, allowing crypto startups to seek the advice of with any of the college’s 64 campuses to ogle support. (link)