RibbitRewards Exempted From New York BitLicense (June 2015)

Post by Greg Simon, CEO & Co-Founder, Ribbit.me (@GregorylSimon)
This was fantastic blog post by Greg and a big relief for us when this news came out — As a Startup, costs would have been prohibitive to abide by the legislation. We intentionally went into loyalty for this very reason when we first conceived of the idea and were debating on what application to focus on for our Blockchain Company

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 Ribbit.me, 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 CFO of Ribbit.me, the first global rewards program 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. Migrating rewards from balance sheet to blockchain means no balance sheet liability for the program operator. It also means consumers now can enjoy all of their favorite branded rewards all conveniently accessible and exchangeable on one universal value platform, RibbitRewards!

Best Regards,

Greg Simon
CFO & Co-Founder

Reference: http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf

Blog post by @gregorylsimon

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