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New York state won't require bitcoin developers to have license

New York won't require bitcoin software companies to receive a license, as regulation guidelines continue to be ironed out
By: Michael Hatamoto | Business, Financial & Legal News | Posted: Oct 15, 2014 11:30 pm

The State of New York recently said bitcoin software developers aren't required to hold a "BitLicense" to work inside of the state. The BitLicense plan was introduced in New York in July, with a revised proposal expected before the end of the month - with bitcoin-related companies able to offer input and comments on the regulations.




"We are regulating financial intermediaries," said Benjamin Lawsky, New York state superintendent of financial services. "We are not regulating software development. To clarify, we do not intend to regulate software as software or software development. For example, a software developer who creates and provides wallet software to customers for their own use will not need a license."


Thousands of retailers currently accept bitcoin - with additional businesses expected to jump on the bandwagon in 2015 - but the cryptocurrency's volatility remains a significant concern. Governments and major banks have been hesitant to try to embrace bitcoin, and that likely won't change any time soon.


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