The New York “BitLicense” proposal is most certainly controversial at the very least. There are of course many people who feel that Bitcoin should not be regulated at all and others who feel that current financial regulations can just as easily be applied to virtual currencies. But while this proposal covers merchant reporting requirements, one question still remains to be answered: Will Bitcoin software developers be required to obtain a “BitLicense”?
This question appears to have been answered based on a report released by Reuters yesterday. According to this report Benjamin Lawsky, superintendent of the New York State Department of Financial Services, software developers will not be required to have these “licenses.”
The BitLicense proposal was revealed to the public in July of 2014 and the revised proposal is supposed to be released at the end of October. Lawsky recently gave a speech at the Benjamin N. Cardozo School of Law in New York City and mentioned the issue of software developers and the requirements… CONTINUE