Bitcoin regulation looks imminent in Ukraine, with the release of its own BitLicense draft. Initial reception has been described as “surprisingly positive” by the country’s Central Bank and financial sector. BitLicense: Ukraine Michael Chobanian, founder of the Kuna Bitcoin Agency and the Bitcoin Embassy in Ukraine, presented a report titled “Project for the Development of Bitcoin in Ukraine.” He submitted it at the extended session of the commission on the issue of individual payments board before the National Bank of Ukraine (NBU) held on May 27. Citing Bitcoin’s potential, as well as investor interest within the country, Chobanian proposed to …

Following the June 3 release of the final NY BitLicence, many FinTech startups face increased scrutiny, but the new ruling excludes rewards programs, which has been a boon for RibbitRewards. #bitlicense to exclude rewards programs. Full speed ahead for @RibbitRewards the first global rewards program built on blockchain tech! $RBR — Ribbit.Me (@RibbitRewards) June 3, 2015 Cointelegraph spoke to Sean Dennis, CEO and co-founder of “the first rewards program built using blockchain technology.” He said: “[S]ince the BitLicense was released, the exclusion is a huge deal. We were hoping for it from the beginning, and now it is set in …

The New York State Department of Financial Services (NYDFS) yesterday released the third and final revisions to its BitLicense legislation. The updates are aimed at improving functionality within the industry and making sure businesses are compliant without stifling innovation. Two previous versions of the regulations received much criticism and the third is no different. Here are some Bitcoin community reactions to the updated NY BitLicense: Jesse Powell, co-founder and CEO, Kraken: “The heavy compliance costs on digital currency exchanges will make it much more difficult to operate a profitable exchange in the state. Many fear it will stifle innovation in …

MIT cites major flaws in the NY BitLicense, Euro Banking Association issues a report on 'Cryptotechnologies,' Denmark will discontinue the printing of new fiat money in 2016, former MasterCard general manager joins BitPay, and more top stories on May 13. MIT Cites 'Critical Flaws' in BitLicense Proposal MIT Digital Currency Initiative director, Brian Forde, has published a blog post where he cites the four "critical flaws" in New York's BitLicense. According to Forde: "If changes to the proposed BitLicense are not made, only a handful of the most well-funded companies will survive — not because they are providing the best …

Goldman Sachs has joined a round of funding for internet bank Circle, Purse.io has integrated with Shapeshift.io to allow altcoin holders to make third party purchases from Amazon, SilkRoad trial judge rejects retrial demand and many more top stories from April 30. Goldman Sachs invests US$50 million in Circle Leading the start-up’s series C funding round, Goldman Sachs has joined a group of investors in raising US$50million for Circle. Working alongside IDG Capital Partners, Breyer Capital, General Catalyst Partners, and Accel Partners, the involvement of a high profile name like Goldman Sachs is likely to encourage increased interest and attention …

Having filed its registration application in New York, ItBit is looking to become the first regulated Bitcoin bank in America. ItBit, a digital currency exchange operationally based in Singapore and with a head office in New York, looks to become the first officially regulated Bitcoin bank as they look to expand their service offering. The move would allow the company to legitimately take on a more traditional banking service role while meeting relevant legal requirements. According to Reuters, people privy to the matter expect that the application could be approved “in the next couple weeks.” The exchange appears ready to …

Ben Lawksy, the author of New York's controversial BitLicense bill and the New York Superintendent of Financial Services, has warned of a possible “cyber 9/11” type attack against US banking. Lawksy made the comments whilst addressing the Columbia Law School on 25 Feburary. Imagining an “Armageddon-type” attack against American financial services, Lawsky predicts the effects could be worse than the 2008 financial crisis which was caused by failing mortgage products. The lawmaker’s suggested solution is closer regulation of bank security, and greater scrutiny of their in-house anti-money laundering controls. The new proposal has already drawn criticism from the finance and …

The US Conference of State Bank Supervisors (CSBS) has produced a draft framework for its idea of digital currency regulation, and is now taking 60 days’ worth of public comments. The proposals come under the guise of suggestions, mirroring the organization’s position as a bystander with no direct influence on state policy. Commentators, however, have already likened much of the draft’s content to the New York Department of Financial Services’ BitLicense proposals. The CSBS writes introducing the draft: “After engagement with industry participants, state and federal regulators, and other stakeholders, CSBS recommends that activities involving third party control of virtual …

As the full list of comments on BitLicense is revealed, the list of contributors and their requests makes for interesting reading – even including a potentially prominent new critic of the scheme. Western Union and Amazon feature notably among the several thousand contributors, whose full texts were released yesterday and confirmed by Benjamin Lawsky on Twitter. All 3,746 public comments DFS received on Bitlicense now live on our site. Revised reg should be out later this month t.co/cvkrFrwjMx — Ben Lawsky (@BenLawsky) 3rd december 2014 They reveal Western Union calling for all Bitcoin ATM installations to be ratified by Benjamin …

Embattled New York superintendent of financial services Benjamin Lawsky is rumored to be stepping down from his post in 2015. Sources told the New York Daily News the departure is expected as part of a reshuffle of several key positions, with Governor Cuomo’s chief aide Larry Schwartz and others also tipped to leave next year. “Department of Financial Services Superintendent Benjamin Lawsky is also expected to leave in early 2015 — bound for the private sector,” the publication writes. The news comes at a time when Lawsky has been a focal point of the Bitcoin story in the US, as …

Back in August, the New York Department of Financial Services pushed back the deadline for public commentary on its proposed BitLicenses. That deadline, October 21, is here. In the last few days, two big names in the Bitcoin community, BitPay and the Electronic Frontier Foundation, have made public statements about how their organizations perceive the state’s proposed regulations. On Monday, payment processing service BitPay submitted a letter to New York’s superintendent of financial services, Benjamin Lawsky, expressing concern over the regulations as they were laid out this summer. “[T]he proposed regulation,” BitPay Chief Compliance Officer Tim Byun wrote, “significantly misses …

The New York “BitLicense” proposal is most certainly controversial at the very least. There are of course many people who feel that Bitcoin should not be regulated at all and others who feel that current financial regulations can just as easily be applied to virtual currencies. But while this proposal covers merchant reporting requirements, one question still remains to be answered: Will Bitcoin software developers be required to obtain a “BitLicense”? This question appears to have been answered based on a report released by Reuters yesterday. According to this report Benjamin Lawsky, superintendent of the New York State Department of …