Bitcoin Retests $300, Lawsky Announces Changes to BitLicense
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Bitcoin is making another move for the $300 round figure. Earlier today, prices got as low as $304.98 before recovering somewhat. We are currently trading slightly above the lows at $308.65 on BTC-E. Prices are slightly higher on OKCoin and BitStamp at $310 a piece.
Today’s trading session may be decisive in determining whether the newly formed double bottom at $304 holds. A move above $320 should worry the bears but unless BTC/USD breaks and stays above $335 per coin, the downtrend should remain in place. On the lower end, a break of the important $300 round figure may lead to more losses toward $285 and $266.
Speaking in front of the Bipartisan Policy Center, the Superintendent of the New York State Department of Financial Services, Ben Lawsky, announced some changes to the BitLicense proposal. The scope of the new rules has been cut somewhat, for example software developers and cryptocurrency miners will not be required to have a license. The NYDFS also eliminated a requirement that said firms will have to collect addresses and transaction data for all parties in a transaction. According to Lawsky, companies now will be required to obtain that information for their own customers only, ‘’and to the extent possible, for counterparties to the transaction.’’
Startups operating in the cryptocurrency space will be given two years to become fully compliant with the licensing law. Investors holding virtual currencies for personal investment and retailers accepting these cryptocurrencies for payment won’t need a BitLicense.
The Superintendent ended his speech taking a shot at the current financial system: ”At a certain point, enough is enough – and four decades of slow-to-non-existent progress in the bank payments system seems like fair warning.”
It’s unclear how bitcoin businesses will react to the somewhat lighter regulatory burden . After the initial NYDFS proposal back in July, some BTC firms released statements saying that if the new rules come into effect unchanged, they will have no choice but to refuse service to New York residents.
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