New York City must swallow the fact that until now it has been the city with the highest Covid-19 confirmation case in the world. Where, in some other countries like Italy, they have used fundraising through Bitcoin to help the people there to fight Covid-19.
Through the New York Department of Financial Services (NYDFS) as a financial regulator that also regulates the crytocurrency industry in New York, wants to propose new rules about cryptocurrency in the city.
Under the new rules, companies that have businesses or deal with cryptocurrency will be made easier to operate in the state by replacing “BitLicenses”, a condition for operating cryptocurrency businesses.
This is to further optimize the use of digital currencies such as Bitcoin in the state. This is the answer to the difficulty of companies involving digital currencies to be able to operate in the state.
This framework actually existed in 2015, but at that time many companies were still cautious when involving cryptocurrency in their business. However, it is different from today where cryptocurrency business is increasingly becoming a larger industry over time by combining finance and technology, or known as “fintech”.
Even so, the publication of BitLicenses is considered to be going to take years for a cryptocurrency business in the state. In fact, since 2015 until now there have been only 25 licenses issued for the cryptocurrency business.
The leniency of the new rules that NYDFS wants to propose includes convenience for companies that want to offer and use new coins. Where, NYDFS can get a list of coins that have been approved by users that can be selected and authorized by themselves, and used by them without getting additional approval.
This license can be issued by BitLicense which is directly related to NYDFS. Where, this method needs to be applied to increasingly expand the use of crytocurrency in New York, which is known as a business center in the United States, and the center of the development of crytocurrency itself in the land of Uncle Sam.
For the record, BitLicences only issue licenses or permits for cryptocurenncy companies that are temporary, that is, for 2 years, as well as certification of expertise issued by training institutions. However, the current obstacle is the fulfillment of the high standards set for cryptocurrency players in the state.