• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Binance.US Takes Action Amidst SEC Complaint: Delists Over 40 Trading Pairs
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Binance.US Takes Action Amidst SEC Complaint: Delists Over 40 Trading Pairs

Xapo Releases New Comments on BitLicense

Natalie Johnson by Natalie Johnson
8 years ago
in Bitcoin, Bitcoin Businesses, Bitcoin Regulation, Bitcoin Taxes, News, News teaser
0

Bitcoin company Xapo recently released its second comment letter on New York’s revised BitLicense. Additionally, the company has teamed up with other bitcoin industry leaders in submitting a combined comment letter to provide further feedback on the BitLicense proposal.

Also Read: Bitwage Partners With Xapo for New Debit Card Service

After BitLicense was introduced by the New York Department of Financial Services (NYDFS) last year, Xapo released its first letter  providing its comments. The NYDFS released its revised BitLicense proposal in February 25, 2015. Shortly afterward, on March 27, 2015 Xapo released its second BitLicense comments.

Xapo’s BitLicense Comments

Xapo’s latest commentary highlights two key points:

1. The BitLicense Proposal remains overly broad in scope and application:

Many elements in the BitLicense Proposal relating to the application, granting and maintenance of a license remain subject to the Superintendent’s discretion. The risk is that this type of discretion can create unpredictability, may be inconsistently applied, and may even be subject to abuse (for example, favoring one business model or company over others).

2. The BitLicense Proposal continues to impose an undue burden on bitcoin companies:

The regulatory framework application to bitcoin companies would be in excess of New York’s existing money transmission licensure framework on several key points. This is unduly burdensome at present in light of the volume and activity of bitcoin companies. We believe that bitcoin transactions may be at a level so small as to not be suitable for existing regulation, or possibly any regulation at all, so to face increased regulation seems inconsistent with allowing a nascent industry to innovate in a responsible way.

Xapo and Industry Leaders’ Comments

Xapo, Coinbase, Bitpay, Coinx, Bitcoin Foundation, Circle, Bitstamp, Bitnet, and Bitreserve also submitted BitLicense comments on March 27, 2015 representing themselves as an “Industry Working Group”.

The companies express:

In its current form, while significantly improved from the previous draft, we believe the BitLicense Proposal still contains measures that impose disproportionate burdens on Bitcoin firms that will hinder positive innovation. This is worrisome given the potential for other
jurisdictions to emulate the NYDFS and the fact that many Bitcoin businesses have a presence in New York. As such, we believe the BitLicense Proposal should be revised in a few key areas.

They propose these clarifications and considerations for BitLicense:us seal

  • The meaning of “storing, holding, or maintaining custody or control of Virtual Currency on behalf of others.
  • Whether obtaining a BitLicense would satisfy a licensee’s obligation to also obtain an MTL.
  • It should not require prior approval for product updates.
  • It will impair venture capital fundraising.
  • It unnecessarily duplicates federal anti-money laundering (AML) obligations.
  • It’s requirement of disclosure of material risks, general terms and conditions, the terms of transactions in both the English language and in any other predominant language spoken by the customers of the licensee is unduly burdensome.
  • The requirement that each licensee furnish customers with a written disclosure of the terms and conditions “prior to each transaction in Virtual Currency” is overly broad and burdensome.
  • The requirement that licensees furnish customers with receipts is duplicative in application.

BitLicense Regulation Near

The 30-day comment period for BitLicense has officially ended as of March 27, 2015. The next BitLicense draft will be officially introduced into New York law.

What are your feelings on BitLicense and it’s effects on Bitcoin and cryptocurrencies?

Images: 1, 2

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Natalie Johnson

Natalie Johnson

Natalie likes to examine digital currency innovations and businesses that shape the future of finance. She especially takes interest in the human side of digital currency and its potential to solve humanitarian issues.Follow @BIT_FAN

Related Posts

Bitcoin

Bitcoin Investors Get Robust Returns In May – How Will Binance Lawsuit Affect Their Gains?

1 day ago
Rare satoshis

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

2 days ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

1 week ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

1 week ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

1 week ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    7 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    7 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    7 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Uniswap (UNI) Opt Against Charging Fees to Liquidity...

    55 mins ago
  • Investors Expect Significant Returns in TMS Network (TMSN)...

    2 hours ago
  • Price Prediction Shows Uwerx (WERX), Render (RNDR), And...

    2 hours ago
  • Rising Interest in TMS Network (TMSN), Cardano’s (ADA)...

    3 hours ago
  • AltSignals Presale Nears End of Phase One, Bringing in a...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.