Presently, all companies operating in New York States and have their activity associated with cryptocurrencies need a BitLicense to be able to conduct any form of digital asset business. While this seems reasonable, the current legislation creates bottlenecks which, in theory, could take years to clear.
Naturally, this has discouraged innovation and attempts to break into a promising new business vertical. The law has been in place since 2015, but this may change now that the NYDFS is looking into it.
Presently, the NYDFS is even considering the introduction of additional licences which will allow companies to start dealing in crypto with companies that already have BitLicense. The regulator is bidding its time, and it would be accepting public comment on the proposed action plan by August 10.
If allowed, a conditional licence would allow many companies to start developing their economic activity, possibly expediting the process of acquiring a BitLicense.
Additionally, the NYDFS wants to make it possible for companies to “self-certify,” which is shifting a huge chunk of the responsibility back to crypto companies.
Meanwhile, there is no mention about crypto gambling and gaming in the state, which are two of the main areas of focus of many cryptocurrencies today. NY State is generally not too eager to adopt igaming, so this may apply to the online segment. However, sports betting has recently been made legal in the US so that does set a precedent.
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