New York Bitcoin Scene Divided As BitLicense Deadline Looms

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Bitcoin businesses wanting to continue serving New York residents have approximately 24 hours left to file their BitLicense application. The deadline, set for 8th August, marks the end of a45-day grace period following the publication of the BitLicense in the New York State register. Formulated by the New York State Department of Financial Services (NYDFS), the long-awaited regulatory framework has proved divisive among companies in the space. The question on many people’s lips is: who’s staying and who’s going? With the deadline looming, CoinDesk has spoken to various industry players to find out just how the BitLicense will impact the bitcoin ecosystem. ‘A necessary evil’ New Yorker Jesse Chenard, ‎CEO at bitcoin exchange MonetaGo – which recently launched in 40 countries – confirmed his company submitted its 500-page-long BitLicense application earlier this week.  The lengthy application process – it took MonetaGo’s legal team 30 days to prepare the submission – Chenard said, would constitute a barrier to some startups in the space. Applying for a BitLicense incurs a $5,000 non-refundable fee and companies may also face additional application charges set by the NYDFS. Applicants are also expected to submit a detailed background history of company employees, their financial and legal histories and outline their plans for operating their digital …