American Bitcoin developers exempt from BitLicense

bitcoin new york policy

According to Benjamin Lawsky, New York State first Superintendent of Financial Services, NYS is to excuse Bitcoin developers/miners from having to obtain BitLicense.

The BitLicense project was announced in July as a part of the United States government program to introduce state regulation of cryptocurrency industry.

BitLicense focuses on financial aspects of digital currencies, including consumer protection and the prevention of money laundering and fraud. The proposed policy also includes providing digital “receipts” for every Bitcoin transaction, as well as verification of companies and Bitcoin account holders.

Each holder of the license may be required by the authorities to monitor their BTC transactions in order to track down money-laundering/tax evasion/any other illegal or criminal activities, and to report such activities.

In his speech Lawsky said they regulate financial intermediaries only, and have no plan to regulate neither software nor its developers. Therefore, Bitcoin developers creating software for themselves and for other users do not need any license.

As a result, companies and developers using cryptocurrency platforms, as well as individual users selling digital currency, will not have to obtain BitLicense to operate.