New York is coming up with a proposal to facilitate the use of Cryptocurrencies

New York is coming up with a proposal to facilitate the use of Cryptocurrencies

Yesterday, a financial regulator in New York City proposed new licensing rules for companies operating in the field of cryptocurrencies, informs nypost.

These rules are intended to make it easier and simpler for companies to do business and use cryptocurrencies

Regulator said:

The New York State Department of Financial Services is asking for the public’s input about the plan by Aug. 10. The initiative stems from the “actual or perceived hurdles” that firms may face in obtaining the state’s “BitLicense, unveiled in 2015,

New York’s proposed framework would allow companies that want to engage in virtual currency business activity in the state to obtain a conditional license, through which they would collaborate with fully licensed companies,

BitLicense and initial framework was introduced in 2015, and already then New York proved that he is more open and benevolent to cryptocurrencies.

The state has granted 25 virtual currency licenses and charters since 2015,

NYDFS said.

The regulator will provide each interested company with a list of pre-approved cryptocurrencies that they can select and subsequently certify themselves.

Read also: U.S. Senate Banking Committee will focus again on the Digital Dollar

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