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News / Benjamin Lawsky Unveils Final Bitcoin Regulations
« Last post by joesmoe on June 06, 2015, 01:22:12 pm »

Speaking at the BITS Emerging Payments Forum today, Superintendent of the New York Department of Financial Services Benjamin Lawsky released the final set of Bitcoin regulations, commonly known as BitLicense.

The rules and regulations will govern only the financial intermediaries associated with Bitcoin and other virtual currencies.

Mr. Lawsky said: “The emergence of digital currency and other new forms of payments technology represent an important test for financial regulators such as NYDFS. We have a responsibility to regulate new financial products in order to help protect consumers and root out illicit activity. However, by the same token, we should not react so harshly that we doom promising new technologies before they get out of the cradle.”

The final version of BitLicense would not cover software developers, individual users, or merchants accepting Bitcoin as a payment.

Another positive revelation was that the cryptocurrency businesses would not require prior approval from the state for software updates, but will be needed for significant changes such as a wallet firm offering exchange operations.

Benjamin Lawsky reiterated that regulations will go a long way in promoting Bitcoin adoption and foster healthy competition between the companies. He hoped that the wary consumers will look to adopt Bitcoin and other cryptocurrencies post the licensing, and when the licensed companies report a bigger customer base, it will only push other companies to adopt the framework and apply for the license. This in turn, will ensure that the companies operate in a competitive environment while the interests of the consumers remain safeguarded.

Companies following the NYDFS regulations will be able to accept customers from the entire US, subject to condition that the state governments have no objections. The department is also in talks with other governments regarding the matter.

Each application needs to be submitted with an initial fee of $5,000 to cover processing costs, reviewing application materials, and investigating the financial condition and responsibility, financial and business experience, and character and general fitness of the applicant.

The outgoing superintendent acknowledged that the current version of DFS rules may not be received warmly by all, but it is a good start. And as the industry and the businesses evolve, the rules can be modified accordingly.

The complete 44-page document of the finalized BitLicense can be viewed here.
News / Coin Center Denounce BitLicense for Impeding Innovation
« Last post by joesmoe on June 06, 2015, 01:21:45 pm »

Nonprofit Bitcoin Advocacy Group Coin Center recently published its views on the just-released Bitcoin regulatory framework, the BitLicense, saying that it will obstruct digital currency innovations in New York.

The US-based organization was one of the most frequent and active voices to push for a tech-friendly BitLicense, but today stands disappointed with some of its problematic provisions. The first and the foremost issue discussed in Coin Center’s blogpost is related to the anti-money laundering requirements which ends up being rather confusing than simplified.

“The new language is vague and unclear about how compliance with federal regulations will exempt a BitLicensee from those state-level obligations,” Jerry Brito, the Executive Director of Coin Center, stated. “My question is, if you register with FinCEN, do you have AML obligations to New York State?”

Smelling Partiality

The group further positioned its criticism on NYDFS’s decision to inflict certain anti-money laundering and cybersecurity requirements on Bitcoin businesses. These laws, as per the available information, have never been inflicted on the legacy payment industry in the past. The New York regulators are however looking towards inflicting them on traditional money transmitters and banks as well, something which Coin Center believes is not digestible — not yet.

“The Department has rationalized this discrepancy by suggesting that it would apply the same heightened standards to the banks and money transmitters,” it said. “With the Superintendent’s imminent departure, however, we are left wondering if that will be the case.”

Other Concerns

Elsewhere in its blogpost, Coin Center argued with NYDFS over their lack of empathy towards innovations. It challenged a provision that obligates individuals and businesses to take approval from the government before launching a “new” product. The ruling is likely to impact developers working on projects that may not look compatible with the NYDFS’s standards. Wonder what it will take to launch a Bitcoin 2.0 project under such restrictive clouds.

The group further highlighted the grey areas in the Lawsky’s speech that never explains the following:

Custody or control of consumer funds is not defined in a way that takes full account of the technology’s capabilities.
Language which could prevent businesses from lawfully protecting customers from publicly revealing their transaction histories.
The lack of a defined onramp for startups.
In separate comments, many Bitcoin veterans — including Jeremy Allaire, John Collins and Adam Draper — have criticized BitLicense for being an arrogant law.

The New York Bitcoin regulation meanwhile has also received praise for improving some of the previously introduced provisions. The new version, for instance, has excused Bitcoin technology startups from obtaining the license. It has also eradicated a provision that asked businesses to seek permission before updating their existing services.
News / More Bitcoin ATMs Opened in Canada through BitSent
« Last post by joesmoe on June 06, 2015, 01:17:56 pm »

BitSent is one of the first companies to open bitcoin ATMs in Canada and is currently expanding its terminals to locations in Vancouver, Surrey, and Burnaby. Currently, the company has 11 bitcoin ATMs in operation across the country and is hoping to add more terminals internationally.

In particular, BitSent will add more ATMs in the British Columbia’s Simon Fraser University (SFU) campus bookstores, which is the first university bookstore to accept bitcoin as payment. “As the founder of SFU’s Bitcoin club I’m proud that SFU has the first university administered bookstore in the world to take Bitcoin for purchases,” said founder of the SFU bitcoin club Mike Yeung.

Bitcoin ATMs in Canada

BitSent is one of the fintech companies based in Ontario, which is considered the “Silicon Valley” or innovation triangle of Canada. This area is home to several new tech startups and is also housing development offices of Blackberry, Microsoft, Google, and Oracle.

What sets the company apart from other bitcoin ATMs is that it makes use of the Lamassu model, which is one of the older technologies. Other companies are using the QuadrigaCX’s SumoPro technology in their bitcoin ATM terminals.

Canada has also adopted a relatively open-minded stance to bitcoin industry developments, similar to the Netherlands and the United Kingdom. BitSent is situated in a region that generates close to $30 billion in revenues from technology-based developments, along with other successful startups such as OpenText, Christie Digital, COMDEV International and Clearpath Robotics.

The Bank of Canada, which is the country’s central bank, has specified that they are not worried about the cryptocurrency replacing their official currency or cash in general. “These are early days and so far digital currencies have not made it to what we call money,” said Governor Stephen Poloz. “We’ve got a ways to go before we need to be thinking about policy implications.”
Hardware/Software / Re: GenesisCoin
« Last post by joesmoe on June 01, 2015, 09:18:13 am »
New Feature:

GenesisCoin ATMs now support SMS + PIN + Government ID for KYC option.
Bitcoin ATM Talk / SSL Added
« Last post by joesmoe on June 01, 2015, 09:05:36 am »
Okay valid SSL cert added and score is A.

Hardware/Software / Re: BitAccess
« Last post by joesmoe on June 01, 2015, 06:22:50 am »
Also a status page where you can see every BitAccess machine's online status:
News / Re: Bitcoin ATMs Reach 400 Units Worldwide, 2-Way Machines on the Rise
« Last post by joesmoe on May 30, 2015, 04:16:41 pm »
Depends on what you consider a Bitcoin ATM.

A major bank in Ukraine added Bitcoin to their traditional ATMs with a software update, so that's 5000 instantly.

Same happened in Romania.

Valid point, but in that case it would read "Bitcoin ATMs Reach thousands of units worldwide" not just 400.

News / Re: Bitcoin ATMs Reach 400 Units Worldwide, 2-Way Machines on the Rise
« Last post by jonny on May 30, 2015, 04:09:17 pm »
Depends on what you consider a Bitcoin ATM.

A major bank in Ukraine added Bitcoin to their traditional ATMs with a software update, so that's 5000 instantly.

Same happened in Romania.
News / Bitcoin ATMs Reach 400 Units Worldwide, 2-Way Machines on the Rise
« Last post by joesmoe on May 30, 2015, 03:53:44 pm »

I'm not so sure there are actually 400 Bitcoin ATM in the world currently...

Hardware/Software / GenesisCoin
« Last post by joesmoe on May 30, 2015, 02:59:31 pm »
Genesis Coin produces software for GenMega hardware. They offer two models:

1) Satoshi 1
- 1 way unit; accepts cash and dispenses cryptocurrency.

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2) Genesis 1
- 2 way unit;
- Separate dispenser and feeder.
- Bank grade dispenser is very quick.

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And lastly Evan the one man show behind GenesisCoin

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