New York State Assembles Cryptocurrency Task Force
By Mark Lemon – Cryptocurrency Expert
New York has created a cryptocurrency task force and is the first state to do so in the United States. They will be examining how buying crypto can be properly regulated and used. The team consists of technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics.
The Digital Currency Study Bill was voted in favour of June 2017 and introduced in December 2017. The team have a target to pass on their findings by December 2020. New York State had put a set of regulations together to create a BitLicense to protect New Yorkers when buying and selling cryptocurrency, this business license has limited regulations for the state and its residents. A company with a Bitlicense must submit financial statements each quarter within 45 days.
The Executive Director of Tech:NYC, Julie Samuels has said, "Cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come." With a prominent activist of New York showing her endorsement, we could see more casting their approval.
In Connecticut, the governor Dannel Malloy has established a team to study blockchain technology. They are producing plans on how the adoption of buying bitcoin and these technologies can expand. California has also passed a bill for a working group to focus on blockchain and study the benefits that the technology can provide.
More states are likely to follow suit to form a task force on how the technology of blockchain can fit in with their requirements and provide safer measures when crypto buying. As the most trusted bitcoin broker in the UK, you can always rely on our platform to purchase your coins.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards