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New York won’t require Bitcoin software developers to obtain a license

Bitcoin software developers, whether individuals or companies, can operate in New York without any license, while banks and other financial institutions will require regulation, according to state Superintendent of Financial Services Benjamin Lawsky. “We are regulating financial intermediaries. We are not regulating software development”, Lawsky said in a speech at the Benjamin N. Cardozo School of Law in New York City.

New York will not require digital currency software developers to obtain a “BitLicense” to operate in the state, said Benjamin Lawksy, superintendent of financial services for the state of New York, on Tuesday. His comments came after New York extended the period for virtual currency companies to comment on a set of proposed regulations, known as the “BitLicense” plan, that was unveiled by the state in July. The regulator aims to release a revised proposal by the end of October. “We are regulating financial intermediaries. We are not regulating software development,” Lawsky said in a speech at the Benjamin N. Cardozo School of Law in New York City.

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