Department of Financial Services of New York Updates BitLicense Terms
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Dec. 12, 2019
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The Department of Financial Services of New York (NYDFS) has just announced it is working on the update of the terms of its BitLicense.

In particular, the Department of Financial Services of New York published yesterday on its official website a new proposal for its guide on the adoption and listing of digital assets in which it proposes various changes of the terms of its BitLicense.

The NYDFS has invited all interested parties to express their opinion on the proposal until next January 27.

If the proposed changes to the BitLicense are approved, it would be the first update of the license in 5 years.

According to the new version of the guide, the regulator has proposed 2 main changes to the process crypto-related businesses must follow to list new cryptocurrencies in New York.

On the one hand, it proposes to publish a list of all coins that can be used in commercial activities with virtual coins without the prior approval of the regulator.

On the other hand, the regulator will publish a model framework on coin listing that all crypto exchanges must use as a base to develop their own.

iHodl reported a few days ago the NYDFS had granted its BitLicense to California-based financial company SoFi.

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