No Need of License for Bit-coin Software Developers- New York
New York will not require digital currency software developers to obtain
a "BitLicense" to operate in the state, said financial services for the state of New York.
His comments came after New York extended the period for virtucal currency companies to comment on a set of proposed regulations, known as the "BitLicense" plan, that was unveiled by the state in July. The regulator aims to release a revised proposal by the end of October.
"To clarify, we do not intend to regulate software as software or software development. For example, a software developer who creates and provides wallet software to customers for their own use will not need a license."
The "BitLicense" plan is the first proposal by a state to create guidelines specifically for virtual currencies. It includes proposed rules on consumer protection, the prevention of money laundering, and cyber-security.
The most prominent virtual currency right now is Bitcoin, often used as an investment or as a way to pay for goods and services online.
Bitcoin prices have been extremely volatile - they fell as low as $275 on the BitStamp platform on October 5 and rose as high as $1,123 in December 2013. On Tuesday, Bitcoin was quoted at $406.61.
His comments came after New York extended the period for virtucal currency companies to comment on a set of proposed regulations, known as the "BitLicense" plan, that was unveiled by the state in July. The regulator aims to release a revised proposal by the end of October.
"To clarify, we do not intend to regulate software as software or software development. For example, a software developer who creates and provides wallet software to customers for their own use will not need a license."
The "BitLicense" plan is the first proposal by a state to create guidelines specifically for virtual currencies. It includes proposed rules on consumer protection, the prevention of money laundering, and cyber-security.
The most prominent virtual currency right now is Bitcoin, often used as an investment or as a way to pay for goods and services online.
Bitcoin prices have been extremely volatile - they fell as low as $275 on the BitStamp platform on October 5 and rose as high as $1,123 in December 2013. On Tuesday, Bitcoin was quoted at $406.61.
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