Benjamin Lawsky unveils final BitLicense

Regulation | June 5, 2015 By:

On Wednesday, June 3, Superintendent of the New York Department of Financial Services Benjamin Lawsky released the final set of Bitcoin regulations, commonly known as BitLicense.

“The emergence of digital currency and other new forms of payments technology represent an important test for financial regulators such as NYDFS. We have a responsibility to regulate new financial products in order to help protect consumers and root out illicit activity. However, by the same token, we should not react so harshly that we doom promising new technologies before they get out of the cradle,” said Benjamin Lawsky.

The final version of BitLicense would not cover software developers, individual users, or merchants accepting Bitcoin as a payment.

Benjamin Lawsky added that regulations will go a long way in promoting Bitcoin adoption and foster healthy competition between the companies.

The outgoing superintendent acknowledged that the current version of the BitLicense may not be received warmly by all, but it is a good start.