NYDFS MAY GIVE SMALL BITCOIN BUSINESSES A BREAK

NEW YORK (InsideBitcoins) – Small bitcoin businesses may be getting a break from the New York State Department of Financial Services (NYDFS). Superintendent Ben Lawsky, addressing Money 20/20 attendees in Las Vegas Sunday night, said his department is considering the creation of a ‘Transitional BitLicense’ to allow startups and small bitcoin firms to operate under less-stringent regulations.
Lawsky made the announcement during the opening keynote address for the event.
‘There has to be a way for startups to start up and play by the rules without getting crushed by huge compliance costs,’ Lawsky said, according to a Bloomberg report . ‘To that point, we are considering creating a special type of ‘Transitional BitLicense.’

This post was published at Inside Bitcoins on Nov 3, 2014.