Ad blocker interference detected!
Wikia is a free-to-use site that makes money from advertising. We have a modified experience for viewers using ad blockers
Wikia is not accessible if you’ve made further modifications. Remove the custom ad blocker rule(s) and the page will load as expected.
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.