New York Department of Financial Services known for introducing the controversial licensing regime for Bitcoin and cryptocurrency industry has been a target of the Bitcoin community. In a recent interview, he was asked about the intentions behind introducing BitLicense in New York during his tenure.
Introduced by Benjamin Lawsky while he held the office of NYDFS, BitLicense puts in place a lot of regulations for the digital currency start-ups operating in New York State. These regulations are found to be on par or tougher than the existing federal regulations for banking sector. The final version of BitLicense was enforced by Lawsky just before he left NYFDS.
READ MORE: Final Version of BitLicense Is Out. Not Many Impressed
Soon after leaving NYFDS, Benjamin Lawsky started his own consulting firm. Registered as Lawsky Group in Delaware, the company offers consultation services to businesses, including cryptocurrency based business. Enforcement of BitLicense in the State of New York has made it one of the unfavourable destination for many bitcoin based businesses. Few businesses have already withdrawn their operations in New York State instead of complying with the rigorous compliance requirements which goes against the principle behind bitcoin. According to various digital currency firms, BitLicense compliance requirements