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Bitlicense

All articles tagged with #bitlicense

cryptocurrency-regulation2 years ago

"Genesis Settles with NY Regulator, Surrenders BitLicense and Pays $8M Fine"

Genesis Global Trading, a subsidiary of Digital Currency Group, has settled with the New York Department of Financial Services by forfeiting its BitLicense, ceasing operations, and paying an $8 million fine due to significant shortcomings in anti-money laundering and cybersecurity protocols. The settlement reflects the necessity for robust compliance mechanisms in the rapidly evolving domain of digital currencies and serves as a cautionary tale for future regulatory actions in the cryptocurrency industry.

via Decrypt|
#bitlicense#compliance#cryptocurrency-regulation
cryptocurrency-regulation2 years ago

Genesis Settles with New York Regulator, Forfeits BitLicense and Pays $8M Fine

Genesis Global Trading, a subsidiary of Digital Currency Group, has reached a settlement with the New York Department of Financial Services after significant failures in its anti-money-laundering and cybersecurity programs. As part of the settlement, Genesis will forfeit its BitLicense, cease operations in New York, and pay an $8 million fine. The settlement reflects the regulator's scrutiny of cryptocurrency firms and highlights the ongoing discussions around crypto regulation in New York.

via Fortune|
#bitlicense#cryptocurrency-regulation#genesis-global-trading
cryptocurrency-regulation2 years ago

California Governor Signs 'BitLicense' Bill into Law

California Governor Gavin Newsom has signed a crypto licensing bill, similar to New York's "BitLicense," which will come into effect in July 2025. The law requires the Department of Financial Protection and Innovation to establish a regulatory framework for the crypto industry, including a licensing regime and enforcement authority. Despite industry criticism, Newsom acknowledged the need for further refinement to strike a balance between consumer protection and fostering responsible innovation.

via CoinDesk|
#bitlicense#california#crypto
cryptocurrency-regulation2 years ago

NY Financial Regulator Implements Virtual Currency Supervision Fees for Crypto Firms

The New York Department of Financial Services (NYDFS) has adopted a new regulation for assessing costs associated with supervising crypto companies. The regulation requires companies to meet rigorous standards for capitalization, cybersecurity protection, and anti-money laundering protocols. Only companies with a state-issued BitLicense are subject to the regulation, of which only 22 companies have that license. The regulation aims to set the highest standards for safety, soundness, and consumer protection while fostering responsible growth in the virtual currency industry.

via CoinDesk|
#anti-money-laundering#bitlicense#cryptocurrency-regulation