The digital currency ecosystem in New York State is currently hanging on a string as the deadline to apply for BitLicense closes. Today, the 8th of August 2015 marks the end of 45 day grace period extended to Bitcoin and digital currency companies in the state to apply for BitLicense.
Few Bitcoin companies like ShapeShift, Eobot and Poloniex have already left New York State for good. ItBit became the first company to receive BitLicense and Gemini, the exchange whose promoters are Winklevoss Twins is still awaiting confirmation. All these companies falls on either side of the spectrum, while the fate of the rest that falls in between the spectrum is still uncertain.
READ MORE: Gemini on Its Way to Become a Trust Company
BitLicense has been a topic of debate since it was first introduced by Benjamin Lawsky, the Superintendent of New York State Department of Financial Services at that time. After receiving lot of objections from the Bitcoin community, BitLicense draft was revised thrice, without really addressing a lot of concerns.
Few companies like MonetaGo have filed last minute