On July 17, 2014, New York (New York State Department of Financial Services (DFS) published the first draft of the BitLicense regulatory framework for virtual currency companies. See news. The framework will be revised based on the feedback received and finalized possibly by late 2014 or early 2015. See news.
The original 45-day notice and comment period (NYDFS press release) was doubled, considered the interest that the proposal raised – the period will end on October 21, 2014 (NYDFS press release). From the evaluation of the comments, the BitLicense id not receive a warm welcome by those groups advocating that the virtual currency should continue to enjoy privacy ( See action to stop BitLicense).
Among the groups and individuals submitting comments, there was the Bitcoin Foundation, which asked for the “extensive research and analysis” that the NYDFS cited when it introduced the proposed regulation (letter dated August 5, 2014) to examine thе rationale for the proposal. Te NYDFS promised timely access (news August 6, 2014) but in early September it admitted that it may not be able to release its research until December (news September 9, 2014).
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