The New York Department of Financial Services has released the application for a “License to Engage in Virtual Currency Business Activity” more commonly known as the Bitlicense. You can view it here (PDF).
The Bitlicense application is 31 pages. I just checked my handy bible, and Genesis is only 33 pages. God needed 2 more pages to create the world than Ben Lawsky needs to vet Bitcoin companies. In case you’re not familiar, Ben Lawsky is a former regulator who is primarily responsible for the new virtual currency regulations in New York. Eric Voorhees, CEO of shapeshift.io, recently said that Lawsky is the embodiment of crony capitalism.
Voorhees said shapeshift.io would be leaving NY. He’s certainly not the only CEO leaving. Eobot Bitcoin mining company also said they were leaving NY because of the BitLicense controversy. Bitcoin Mining Pool BTC guild cited the Bitlicense as a contributing factor in their decision to shut down. This list is by no means exhaustive.
The (very dense) Text
On to the actual BitLicense application.