CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,994.00
  • ethereum
    ETH$1,581.49
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » New York State Regulator to Make It Easier for Cryptocurrency Businesses

    New York State Regulator to Make It Easier for Cryptocurrency Businesses

    Author: Jordan Lyanchev

    Last Updated Jun 25, 2020 @ 06:02

    A new report informed that the New York State Department of Financial Services (NYDFS) had proposed new licensing rules that could ultimately facilitate companies to engage in any cryptocurrency business in the state.

    NYDFS to Ease Crypto Business

    The New York Post reported earlier today that New York’s regulator is asking for the public’s opinion about the proposed legislation, which could ease the regulations on cryptocurrency-related business operations. Locals have until August 10th to provide their input on the matter.

    The new initiative will aim to simplify operating with the state’s “BitLicense.” Unveiled in 2015, BitLicense is mandatory for every cryptocurrency company working in New York that receives, stores, issues, or sends digital currencies.

    In the past five years, only 25 firms have managed to receive the license. Some of the casted out business had spoken against the stringent requirements, which could take years to obtain on some occasions.

    Should the newly proposed framework be accepted, it would allow businesses aspiring to engage in digital currency endeavors in New York to obtain a so-called conditional license. By using it, those firms would be able to collaborate with fully licensed companies, the report added.

    ADVERTISEMENT

    Another proposal coming from the state’s regulator involves the offering and usage of new coins. Licensees would choose from a set of pre-approved coins provided by the NYFDS, and then they would be able to self-certify the usage without having to receive additional approval.

    Regulations in Spain Getting Tighter

    While the NYFDS is attempting to ease cryptocurrency businesses, Spain authorities recently published an amendment requiring digital currency service providers to register with the Bank of Spain. The nation is trying to comply with the Fifth Anti-Money Laundering Directive (5AMLD) from the European Union.

    The Iberian country will require national regulation and registration from all cryptocurrency exchanges, e-wallet providers, and organizations in custody of customers’ private keys. Those entities have nine months to register their services with the Bank of Spain after enacting the law.

    “The Draft Law advances in the reinforcement of the money laundering and terrorist financing control system, incorporating the new community provisions and including additional improvements in the current regulation to increase the effectiveness of prevention mechanisms.” – reads the amendment.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • paypal_crypto_bitcoin-min
      The Good and The Bad About Cryptocurrency on PayPal
    • Nigeria
      Nigeria SEC Releases Proposed Cryptocurrency Regulations
    • United Kingdom
      UK Regulator Grants Licenses To Archax And Gemini
    Tags: Regulations United States
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$22,994.00
  • ethereum
    ETH$1,581.49
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!