New York Upheld BitLicense as Crypto Regulation Benchmark
Ken Coghill of the New York Department of Financial Services underscored the continuing global relevance of the BitLicense during a blockchain conference held at Cornell Tech on April 25, 2025.
The event highlights ongoing confidence in New York’s role as a leader in crypto regulation, sustaining its impact on global businesses and legal frameworks.
BitLicense: A Pioneering Crypto Regulatory Framework Since 2015
The BitLicense, established in 2015, remains a pioneering regulatory framework for cryptocurrency enterprises. The conference underscored its necessity, emphasizing strict compliance and examination processes, including capital and anti-money laundering requirements.
NYDFS, led by Ken Coghill, highlighted its commitment to the regulation of crypto through comprehensive frameworks. This initiative aligns with New York’s pioneering stance, ensuring protection and security in blockchain activities globally. As Ken Coghill, Deputy Superintendent for Virtual Currencies, NYDFS, stated:
“If you want to start a business and the only person you’re putting at risk is your own business, that’s not really our concern. We only exist because you’re selling something to somebody else, and you’re maintaining control over that product for someone else.”
BitLicense Sets Global Standard in Crypto Regulation
The reaffirmation of BitLicense standards resonates with global markets as a benchmark for crypto regulation. It signifies New York’s ongoing influence and leadership in the crypto regulatory landscape, encouraging other jurisdictions to model similar structures.
Industry leaders often view NYDFS regulations as a benchmark of legal compliance. This longstanding standard fosters trust and innovation in evolving financial ecosystems. With 33 firms licensed, the state’s stringent criteria continue to guide market dynamics and enterprise strategies.
Historical Significance of BitLicense’s 2015 Introduction
The introduction of the BitLicense in 2015 set a precedent in U.S. crypto regulation. Ripple and Circle were among the first subscribers, fortifying the standard’s influence and drawing parallels to the financial protections after the 1929 market crash.
Experts from Kanalcoin ascertain that adherence to NYDFS protocols propels technological growth while mitigating financial risks. These frameworks are vital as crypto markets expand, paralleling the structured landscape of traditional finance.
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