In July 2014, the first draft of BitLicense came up for public comments and it took a beating—however, very little would change. Bitlicense, the regulation created by the New York Department of Financial Services, has been widely criticized by the Bitcoin industry, and has lead to two major bitcoin businesses, Bitfinex and Kraken, opting to leave the state. The new law will also require all businesses that accept payments in digital currency such as bitcoin, litecoin or dogecoin, to register with FinCEN within 30 days.
Bitlicense, the regulation created by the New York Department of Financial Services, has been widely criticized by the Bitcoin industry, and has lead to two major bitcoin businesses, Bitfinex and Kraken, opting to leave the state. The new law will also require all businesses that accept payments in digital currency such as bitcoin, litecoin or dogecoin, to register with FinCEN within 30 days.