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NYDFS Receives 22 Initial BitLicense Applications

(@pete_rizzo_) | Published on August 13, 2015 at 18:50 BST
News

The New York State Department of Financial Services (NYDFS) has revealed that it has so far received 22 applications from firms seeking to engage in virtual currency business activity in the US state.

The announcement, made exclusively to CoinDesk, follows the 8th August filing deadline for businesses previously offering such services to the New York market, and does not include firms that have applied for banking charters.

Speaking to CoinDesk, NYDFS deputy superintendent for public affairs Matt Anderson indicated that the agency believes this filing total shows there is "substantial interest" in complying with the BitLicense, which was passed earlier this year after months of public debate.

Anderson also addressed criticism of the law from the bitcoin and blockchain community, as well as the media, stating that the agency believes the BitLicense will ultimately lead to broader adoption of the technology by businesses and consumers.

Anderson said:

"In the long term, we think this is going to be helpful and I think there'll ultimately be some sort of shaking the wheat from the chaff. We think that those companies that want to do business with strong consumer protections and strong regulatory requirements will continue to submit applications."

Businesses that have since stopped services in the New York market, Anderson said, will be able to apply at a later date should they wish to comply with the licensing.

"For companies that startup in or enter New York, the process remains. We're open to that. The amount of applications shows that this will ultimately be an important part of the bitcoin regulatory structure," he continued.

Anderson said the agency remains committed to keeping an open dialogue with companies who are seeking to understand if their business model is captured under the regulation.

Business that have applied can now expect to be notified that submissions were sufficiently completed before their pending approval is published in the New York State Register.

Application image via Shutterstock

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