24-2-2018
New York the home to 8.5 Million population and Wall Street is to a large degree the worlds financial Capital for financial services and related industries. New York itself has more financial power than some smaller countries in the world combined, certainly a powerhouse of the worlds financial establishment.
Yet New York has been slow to take up the adoption of Bitcoin and Crypto currency. Thus whatever the future Law or regulations that New York State adopts in regard to Bitcoin will have an impact on all financial firms, that will later invest in Bitcoin. In recent days for those new to developments with "BitLicense' there has been some recent developments to New York Crypto Currency Laws in which were previously implemented in 2015.
For those new to New York Regulation in terms of cryptocurrency, the “BitLicense” is a special regulation aimed at Bitcoin businesses, which the New York Department of Financial Services (NYDFS) issued in June, 2015.
A BitLicense is the common term used for a business license of virtual currency activities, issued by the New York State Department of Financial Services (NYSDFS) under regulations designed for companies. The regulations are limited to activities involving New York or New York residents. Those that reside, are located, have a place of business, or are conducting business in the State of New York count as New York Residents under these regulations.
In 2015 "The New York Department of Financial Services released a 44-page document which amounts to a framework for “Virtual Currency” businesses to operate in the State of New York is in the process of revision.
A key ingredient to the BitLicense was the “Capital Requirements” section, which outlines how much money a virtual currency company must have in order to operate. A substantial Capital financial requirement in order to operate in the State of New York section has contributed in some ways to the concerns of many, that small businesses will now be locked out of the game, left behind in favour of larger, venture-capital funded organizations."It appears current regulation for Larger firms the costs are "chicken feed", yet costs for a small crypto business to start up overwhelming!
GOOD NEWS
The question posed by New York state senator Jesse Hamilton at a round table within the last few days, hinted that the controversial 2015 regulation may soon be revisited! A bill to reform the regulation could be introduced "very soon," State Senator David Carlucci told CoinDesk. "That's why we wanted to do this hearing, to get some views before we propose legislation."
"We want to put that out there, circulate it and really figure out how we can make this license in New York state something that works for the residents of New York state and the state economy."
To quote the regulation directly:
Each Licensee shall maintain at all times such capital in an amount and form as the superintendent determines is sufficient to ensure the financial integrity of the Licensee and its ongoing operations based on an assessment of the specific risks applicable to each Licensee.
WHAT DOES THE REVISION OF THE BITLICENSE MEAN?
Instead of the multitude of Cryptocurrency entrants running for cover, the question is who are the players to take advantage of a potential easing of conditions in the positive New York regulation. One player working behind the scenes since 2014 is NYC (New York Coin) When you find a revolution in Blockchain meeting with the financial Might of New York City, It may be worth taking some notice..
NEW YORK COIN (NYC)
$0.000171 USD (18.63%)
0.00000002 BTC (22.81%)
Market Cap
$22,552,426 USD
2,353 BTC
Volume (24h)
$31,065 USD
3.24 BTC
Circulating Supply
132,185,463,284 NYC
Max Supply
132,185,463,284 NYC
New York Coin a proven Blockchain was launched on March 6th, 2014. New York Coin is a fair launch cryptocurrency with no pre-mine. NYC is completely open-source with a searchable block explorer. NYC offers a completely free worldwide network with no fees to send or receive NYC including lightning fast transactions. Easy low difficulty mining ensures the NYC network remains liquid and free to use.
LIGHTNING FAST
NYC confirmations are 20 X faster than Bitcoin and 5 X faster than Litecoin. New York Coin is usable at the retail level worldwide. NYC is ideal for time-sensitive daily consumer transactions.
OPEN SOURCE
New York Coin code is completely open-source and published at Github code repository since launching March 6th, 2014. Fair launch, no pre-mine, true cryptocurrency with block explorer
FREE TO USE
New York Coin enables free worldwide remittances. There are no fees to send or receive funds worldwide using the NYC network.
WORLDWIDE MONEY TRANSFERS ARE ABSOLUTELY FREE
EXCHANGES: YOBIT
https://tradesatoshi.com/Exchange/?market=NYC_BTC
WALLET
BREAKING NEWS
According to a press release on February 18,2018 The Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is partnering with blockchain startup Blockstream to launch a new cryptocurrency-based data feed.
ICE Data Services' feed will display real-time data from at least 15 different cryptocurrency exchanges worldwide, including prices and order book data for bitcoin and other cryptocurrencies.
The question on everyone's lips is should we now start taking notice of Cryptocurrency in NYC? Well one thing is for sure Blockchain technology is going nowhere and when, and Not if, this enormous financial power of New York meets in synergy with positive regulation through the (NYSDFS) - It is going to be one hell of a Firecracker and Game Changer!
It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research, I am not a financial advisor and this article is the opinion of the author.