Lawsky: BitLicense Will Be Finalized By End of May

New York's finalized BitLicense regulation is expected to be released by the end of May.

AccessTimeIconApr 22, 2015 at 6:27 p.m. UTC
Updated Sep 11, 2021 at 11:39 a.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

New York Department of Financial Services superintendent Benjamin M. Lawsky anticipates the final version of the BitLicense regulatory framework will be released sometime before the end of May.

Speaking to reporters on 21st April during a Dow Jones risk and compliance conference in New York City, Lawsky noted that his office is in contact with other state regulators and is watching how both domestic and foreign regulation of digital currency activities takes shape.

“We’re going to see how this all shakes out. I think there’s room for federalism, but at the same time if you have a whole series of different rules and it becomes a crazy quilt patchwork, that can get hard to comply with,” he said.

Last week, a NYDFS representative told CoinDesk that the NYDFS plans to release the final version of the BitLicense "very soon" but did not provide a specific date at the time.

Proposals for the BitLicense, which will regulate bitcoin business activity in the state of New York, were first released last year and have since been revised over the course of several comment periods.

The proposals have sparked debate among entrepreneurs and community members over the degree to which such activities should be regulated.

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, 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.