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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.