After 3,700 public comments, the proposed licensing for bitcoin-related firms has been slightly relaxed.
Benjamin Lawsky, New York state superintendent of financial services, announced his new proposal for the so-called BitLicense in a Thursday speech. The changes to his office's first proposal are aimed at providing flexibility for virtual currency start-ups, he said.
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"Our initial proposal was meant as a beginning—not an end—to a healthy, vigorous public discussion about what the final regulation should look like," Lawsky said.
This final regulatory framework should be established by early 2015, Lawsky said, adding that his office hopes to have several licensed firms and exchanges in New York shortly thereafter.
Among the details to the new proposal are that neither software developers nor virtual currency miners will require a license to operate.