NYDFS Expects Final BitLicense 'Very Soon'

Two weeks after closing a final round of comment, the NYDFS suggests it's moving forward to release the final BitLicense "very soon".

AccessTimeIconApr 16, 2015 at 6:40 p.m. UTC
Updated Sep 11, 2021 at 11:38 a.m. UTC

The New York State Department of Financial Services (NYDFS) suggests it is moving steadily toward the release of a finalized BitLicense under which digital currency businesses would be regulated in the state.

Following the end of a comment period in late March, NYDFS deputy superintendent for public affairs Matt Anderson indicated that the NYDFS is processing responses from its final round of open community feedback.

Anderson told CoinDesk:

"We take some time to review the comments for potential changes or modifications, and hopefully [will] publish a final rule soon."

Anderson suggested that the NYDFS is currently reviewing the comments and redacting sensitive information related to commenters. Second-round comments could possibly be released at the time the final regulation is made public, he added.

The finalized BitLicense has been long expected since it was first proposed at the end of 2013. Throughout 2014, superintendent Benjamin Lawsky expressed hope that the regulatory process be completed quickly.

In recent weeks, New York's proposed regulation has come under fire from the digital currency industry and beyond in the face of what has been perceived as more lenient regulation being developed in the United Kingdom.

Though no formal time was given for the release, Anderson stressed that the final version of the BitLicense would be out "very soon".

"We're trying to work expeditiously, but we're not trying to work toward any particular date," he said.

New York image via Shutterstock

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