{"id":438577,"date":"2022-04-28T07:00:25","date_gmt":"2022-04-28T04:00:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-york-mayor-urges-state-to-abandon-stifling-bitlicense-scheme\/"},"modified":"2022-04-28T07:00:25","modified_gmt":"2022-04-28T04:00:25","slug":"new-york-mayor-urges-state-to-abandon-stifling-bitlicense-scheme","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-york-mayor-urges-state-to-abandon-stifling-bitlicense-scheme\/","title":{"rendered":"# New York Mayor urges state to abandon \u2018stifling&#8217; BitLicense scheme"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b7299706f3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b7299706f3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/new-york-mayor-urges-state-to-abandon-stifling-bitlicense-scheme\/#%E2%80%9D_New_York_Mayor_urges_state_to_abandon_%E2%80%98stifling_BitLicense_scheme_%E2%80%9C\" >&#8221; New York Mayor urges state to abandon \u2018stifling&#8217; BitLicense scheme &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_New_York_Mayor_urges_state_to_abandon_%E2%80%98stifling_BitLicense_scheme_%E2%80%9C\"><\/span>&#8221; New York Mayor urges state to abandon \u2018stifling&#8217; BitLicense scheme &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvOTgwY2MzMTUtNDBjYi00ZDA1LTgzMTAtNzVjZjgwZDUyN2RlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>New York City Mayor Eric Adams has hit out at his states\u2019 BitLicensing regime, claiming that it stifles innovation and economic growth.<\/p>\n<p>In a closing keynote interview at the Crypto and Digital Assets Summit in London on April 27, Adams suggested his state legislature counterparts in Albany \u201clisten to those who are in the industry\u201d adding: <\/p>\n<blockquote><p>\u201cIt\u2019s about thinking not only outside the box, but on this one, we may have to destroy the box.\u201d<\/p><\/blockquote>\n<p>Adams is a crypto advocate who ran for mayor planning to turn New York City into the \u201ccenter of the cryptocurrency industry\u201d and took his first three paychecks in Bitcoin (BTC). In the interview he said cryptocurrencies and blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> are the \u201cnext chapters in the future\u201d and the opportunity shouldn&#8217;t be squandered.<\/p>\n<blockquote><p>\u201cNew York State is the only state to require a license for crypto companies. That\u2019s a high barrier, and it just makes us less competitive. We have to continue to be competitive.\u201d<\/p><\/blockquote>\n<p>Since 2015, any \u201cvirtual currency business\u201d wishing to offer services within New York requires a BitLicense to do so. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.dfs.ny.gov\/virtual_currency_businesses\">According<\/a> to the states\u2019 Department of Financial Services (DFS) the license ensures that its residents have a \u201cwell-regulated way to access the virtual currency marketplace\u201d and that the state remains at the \u201ccenter of technological innovation and forward-looking regulation\u201d.<\/p>\n<p>Many crypto firms moved from New York when the license was introduced and recent calls to remove regulatory barriers and ease restrictions often focus on the license, which costs $5,000 in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lication fees along with unclear capital requirements set by the DFS.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>What can Eric Adams do? The limits of turning New York City into a crypto hub<\/em><\/strong><\/p>\n<p>In the state capital, lawmakers take an altogether stricter regulatory approach to the cryptocurrency industry than Adams would. On Tuesday the New York State Assembly passed a bill to the Senate which would place a two-year ban all on all new proof-of-work (PoW) cryptocurrency mining facilities using carbon energy. <\/p>\n<p>On April 9 Governor Kathy Hochul signed into law a requirement that BitLicensed firms must pay assessment fees to cover the cost of regulatory operating expenses incurred by the DFS, placing possibly tens of thousands of dollars a year extra in fees on firms.<\/p>\n<p>\u201cIt is imperative that we work with the state lawmakers and regulators,\u201d Adams said \u201cI\u2019m really happy to see Governor Hochul is leaning into this industry as we examine what are the bureaucratic issues that we need to look at.\u201d<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/new-york-mayor-urges-state-to-abandon-stifling-bitlicense-scheme\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; New York Mayor urges state to abandon \u2018stifling&#8217; BitLicense scheme &#8220; New York City Mayor Eric Adams has hit out at his states\u2019 BitLicensing regime, claiming that it stifles innovation and economic growth. In a closing keynote interview at the Crypto and Digital Assets Summit in London on April 27, Adams suggested his state&#8230;<\/p>\n","protected":false},"author":1,"featured_media":438578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvOTgwY2MzMTUtNDBjYi00ZDA1LTgzMTAtNzVjZjgwZDUyN2RlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[110413,74858,76603,71511,44483,3885,70934],"class_list":["post-438577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-industry","tag-bitcoin-regulation","tag-bitlicense","tag-government","tag-new-york-state","tag-new-york","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/438577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=438577"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/438577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/438578"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=438577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=438577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=438577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}