New York has always been a tough region for cryptocurrency firms. Strict and somewhat unnecessary regulation have made this a region to avoid.
After many years of complaints, that situation may finally come to change.
Is New York Getting Rid of the BitLicense?
Following ongoing industry growth, cryptocurrencies have remained prominent and important.
Ensuring companies active in this space can thrive across the US needs to be the number one priority.
Finding a solution to the BitLicense conundrum is a challenging task.
A new report seems to confirm that the NYDFS is proposing a new approach.
Less strict licensing rules should help draw crypto firms to New York state.
While not put in motion yet, the NYDFS wants to gather public feedback before making any decisions.
Simplifying the process of obtaining the BitLicense is direly needed.
With just five companies successfully obtaining one every year, it is clearly a failed form of regulation.
Requirements were too high, especially in terms of paperwork and money to be paid.
Which changes will be introduced – if any – remains unclear at this stage.
Unifying regulatory measures for crypto assets in the US remains in high demand.
For now, however, it will remain a state-by-state affair, by the look of things.