Bitcoin Picks: Negative Feedback to BitLicenses and Is Dogecoin Doomed? | Forex Magnates

Bitlicense sucks.

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Bitcoin Picks: Negative Feedback to BitLicenses and Is Dogecoin Doomed?

Posted on July 25, 2014 by Ron Finberg in Bitcoin,Regulation

Last week’s bitcoin news was headlined by an announcement from the New York Department of Financial Securities (NYDFS) that it had created proposed guidelines for the issuance of BitLicenses. The licenses would provide regulation for bitcoin companies in the financial sector. The issuance of regulation is expected to make it easier for firms to create banking relationships with existing financial companies which are important for many bitcoin businesses involved with the exchange of fiat and digital currencies.

BitLicenses to Crush Industry?

Perianne Boring, Founder, Chamber of Digital Commerce

Not everyone was excited about the prospects of the proposed guidelines. By pushing far reaching requirements such as for handling compliance, money laundering, accounting and handling customer funds, costs associated with complying with the regulation may limit those who are able to actually…

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