What New York is up to with cryptocurrenciesDecentralizing technologies in blockchain and cryptocurrencies were so disruptive in the global financial systems that no amount of regulation can stop its explosive influence. The Internet-based platforms blasted through walls and borders of regulation without signs of abatement to the wonder of fiat users who would not have even thought of experiencing breakthroughs beyond obsolete processes and mechanisms that bounded the world of finance for ages.But the governance of money cannot just be let go by authorities and regulators of each country after the limitations of physical cash were finally overcome by the creation of digital cash, virtual money, and cryptocurrencies, all of whom generally refer to one and the same coin with a cash equivalent.With states and countries urgently imposing legislations to control the onslaught of cryptocurrencies with nary an understanding of it, measures came varied from either limiting to not honoring to banning it outright, mainly to protect unsuspecting consumers from becoming potential victims of possible cybercrimes.It was the State of New York that brought forth a highly debatable and resolutely regulating wall called BitLicense.BitLicenseIt was in 2015 that the New York State Department of Financial Services released BitLicense, to the consternation of not so few. While regulators view it as exacting measures to domesticate cryptocurrencies, it was, however, seen by the majority as unjustifiable violation of end-user privacy. It was also too punitive to crypto start-ups who must shell out $100,000 for a tedious 30-page application processing alone. Compliance includes business history, owners and operators profile, financial records, anti-money laundering, and know-your-customer programs, anti-fraud policies, and other procedural standards required like that by the US Treasury\u2019s Financial Crimes Enforcement Network, or FinCEN.Combatting Crypto and CybercrimesIt has long been a known fact that cryptocurrencies were untraceable vehicles for money laundering, tax\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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