NY state says bitcoin software developers don’t need license
(Reuters) – New York will not require digital currency software developers to obtain a “BitLicense” to operate in the state, said Benjamin Lawksy, superintendent of financial services for the state of New York, on Tuesday.
His comments came after New York extended the period for virtual 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.
“We are regulating financial intermediaries. We are not regulating software development,” Lawsky said in a speech at the Benjamin N. Cardozo School of Law in New York City.
“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.”
This post was published at Reuters on Tue Oct 14, 2014.