Ben Lawsky announced the latest revisions to the draft BitLicense today.
Quote from Coindesk:
Lawsky first clarified which players in the digital currency community and industry would be required to obtain the BitLicense, specifying that the NYDFS intends to regulate only financial intermediaries.
Software developers, miners and those who issue loyalty and rewards schemes and gift cards denominated in fiat currency will not be required to obtain a BitLicense – nor will sole individuals who buy and hold virtual currency for personal investment, virtual currency-accepting merchants or their customers.
Lawsky also announced that the NYDFS has shortened the proposed record-keeping requirement for licensees from 10 to seven years, and eliminated a requirement that licensees must obtain addresses and transaction data for all parties in a transaction.
Licensees now only need to obtain that information “for their own customers or account holders” and, to the extent possible, for “counterparties to the transaction”, according to the superintendent.
According to this information, every money transmitter (changetip, dogetipbot, etc) will be require to obtain their customers private information (name, address, ID verification) to stop money laundering. They will also be require to keep every transactions for a period of 7 years.
Software developers (Reddcoin) will not be required to obtain a BitLicense. Decentralization win once again!
What are your thoughts on Bitlicense? Good or bad?