New York's Mayor Urges State to Abandon 'stifling' BitLicense Scheme
Adams advised his state legislature peers in Albany "listen to those who are in the field" in a closing keynote interview at the Crypto and Digital Assets Summit in London on Wednesday, adding:
"It's about thinking not only outside the box but on this one; we may have to destroy the box."
Adams is a crypto enthusiast who campaigned for the mayor to make New York City the "center of the cryptocurrency industry" of the cryptocurrency business. He received his first three paychecks in Bitcoin (BTC). He stated in the interview that cryptocurrencies and blockchain technology are the "next chapters in the future" and that the opportunity should not be missed.
"New York State is the only state to require a license for crypto companies. That's a high barrier, and it just makes us less competitive. We have to continue to be competitive."
Since 2015, any "virtual currency firm" intending to provide services in New York has needed to obtain a BitLicense. The license assures that New York residents have a "well-regulated mechanism to access the virtual currency marketplace," according to the New York State Department of Financial Services (DFS) and that the state remains at the "heart of technical innovation and forward-looking regulation."
When the license was issued, several crypto enterprises relocated from New York. A recent request to eliminate regulatory barriers and reduce restrictions focused on the license, which costs $5,000 in application fees and has unclear capital requirements set by the DFS.