New York State Department of Financial Services, Virtual Currencies (June 3, 2015) (full-text).
The five key elements of the framework are:
- Companies will not need prior approval to carry out software or app updates.
- The regulator will not be regulating software developers — only the financial intermediaries. If you are not holding funds, you don't need a licence.
- BitLicense applications won't need their own special application — they can be applied for at the same time as the more common money transmitter license.
- Companies will not have to send duplicate reports of "suspicious activity" just because something happens with Bitcoins — digital and non-digital currency will be treated the same.
- Bitcoin companies will not need prior approval from the DFS when raising venture capital, unless the investor is planning to direct management or policy changes.