“New York’s Department of Financial Services (NY DFS) has recently issued guidance on its BitLicense proposal, which would create a transitional license for Bitcoin.
The BitLicense is an attempt by NY DFS to regulate the developing Bitcoin industry and is closely watched as a potential model for regulations in other states. Most agree that a level of regulation plays an important role in consumer protection.
On the surface, the NY DFS seems to be on the right track towards Bitcoin regulation. However, a closer look at the NY DFS BitLicense proposal reveals some pretty significant issues. In particular, the BitLicense requires merchant payment processors to collect the names and addresses of each party to a Bitcoin transaction.”
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