Weekly Recap: Bitcoin Regulation Achieves Milestone

Last week was a busy one for the regulation of digital currency.

Last week was a busy one for the regulation of digital currency.

A final version of the ‘BitLicense’ proposal, a set of regulations governing how digital currency businesses operate in the state of New York, was produced by the state’s financial regulator. It was a minor iteration from its previous draft, accounting for some feedback recently voiced by industry players. Its inclusion of extra provisions for digital currency businesses, which do not apply in standard money services licensing, is a major sticking point in the industry. As would be expected, there was a healthy dose of criticism in mixed reaction from the industry.

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Around the same time, California’s legislature approved its own draft for regulation, which treats digital currency businesses more or less on par with regular money transmitters.

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Bitcoin wallet provider Coinbase pulled the plug on its service in Wyoming, citing the local regulator’s interpretation of a rule that would make it prohibitively difficult to operate within the state.

Bitcoin mining giant BitFury announced plans to build a massive technology park in Georgia, where it is venture backed, which will house a data center for its mining operations.

Development in blockchain technology continued to progress, with smart contracts startup Mirror securing another $8.8 million in funding, bringing its total to $12.8 million. Interest in Bitcoin for investment purposes continued as well, with Bitcoin Capital achieving its $1 million crowdfunding target.

Bitcoin prices made their first sizeable move in 5 weeks, falling by as much as 7% into the $220s. They have since returned to a highly flat behavior in their new range.

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