The state of New York has begun to accept public opinions on BitLicense 2.0. Industry leaders are ready to voice their concerns about the new rules.

 

The official notice about the submission window for comments from the public was published on the website of the Division of Administrative Rules.

“Individuals may send public comments via electronic mail to those recipients who provide an e-mail address in Notices of Proposed Rule Making”

The notice lists all proposals open for public comment. BitLicense 2.0 is seventeenth in the list under the name of “Regulation of the Conduct of Virtual Currency Businesses”. The document’s status is “Revised proposal”.

The New York State Department of Financial Services published the official version of BitLicense 2.0 on 4 February, 2015. The first version met with criticism from many representatives of the US bitcoin industry in the summer of 2014.

The 46-page document starts with a definition of digital currency (New York officials use the term “digital units”) and with a description of the application procedure. The new version requires bitcoin enterpreneurs to keep all their records. BitLicense Holders should notify the Department about any transactions that exceed $10,000. BitLicense 2.0 reintroduces the old "verification of identity" demand with a new condition. Bitcoin firms will need to check the user’s driver’s license or orher ID in the case of a "transaction with a value greater than $3,000."

 The new document met with a mixed response from industry leaders. Coin Center experts called it “promising” and noted the need for further development of regulation. Bitcoin enterpreneurs can now make their opinions heard by the state of New York: if the Bitlicense 1.0 experience is anything to go bt, big players like Circle or Coinbase can be expected to put forward their opinions within two weeks’ time.