Bitcoin regulation and more specifically the BitLicense debacle, will be making headlines for many more weeks to come. As the BitLicense application deadline is almost upon us, companies are forced to either apply or halt their services in the state of New York. Several companies have decided on the latter option as very few BitLicense applications are coming in. That being said, it looks like Coinbase, just like Bitstamp, will be applying for a BitLicense.
Major Bitcoin Exchanges Forced To Put Up Or Shut Up
BitLicense is a problem child of Bitcoin regulatory measures; the application costs are quite excessive for nearly every startup company in the virtual currency world today. Only major companies, such as popular Bitcoin exchanges Coinbase and Bitstamp, seem willing to pay the required funds in order to stay in operations in the area.
But that is not the main concern of Bitcoin enthusiasts today, as a large portion of the community feels that BitLicense regulatory requirements are invasive and offensive towards virtual currency users and companies. Any company deciding to “play ball” with state officials may be facing scrutiny from their customers in the long run.