The New York BitLicense has been a topic of controversy since first proposed in July 2014. As a CPA and former bank risk manager it has always been my position a common sense regulatory environment is necessary for consumer protection. As the co-founder of Loyyal, a blockchain technology company, I am also aware of the operating risks that result from regulatory ambiguity and uncertainty. An established BitLicense will help reduce these risks, laying a foundation for attracting blockchain technology companies, resulting in greater innovation and economic growth.
The final draft of the BitLicense was released yesterday. Although not perfect and still ambiguous in some areas, such as multi-signature wallets, I believe it is for the most part a positive step forward to have clarity, relieving the industry of some of the existing cloud of regulatory uncertainty holding back investment and growth.
In particular, I am pleased to see the explicit exemption of rewards programs from the definition of a virtual currency. As the co-founder and CEO of Loyyal, the first global rewards platform built on blockchain technology and headquartered in New York City, this provides our company with a more startup friendly regulatory environment in which to operate, innovate and grow.
Our team is working around the clock to roll out blockchain based solutions to the rewards industry, bringing greater utility to both program operators and consumers than could ever be possible otherwise.
Best Regards,
Greg Simon
CEO & Co-Founder
Loyyal
Reference: http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf
Blog post by @gregorylsimon
