Onlookers in the blockchain and cryptocurrency space are wondering if New York City is the New China? This because New York is increasingly becoming not-so-friendly for cryptocurrency businesses.

BitLicense is the common term used for a Business License for Virtual Currency activities, issued by the New York State Department of Financial Services (NYSDFS) under regulations designed for companies.

The new Law permits the Department of Financial Services (DFS) to “collect supervisory costs from licensed virtual currency businesses.”

The new law has created wider powers for the government agency.  The authority is all set to “empowering the department” by “building a staff” who have the capacity to regulate and support the growing industry.

Previously, BitLicense drew all cryptocurrency companies away from New York, and now they’re considering banning Proof-Of-Work mining. It is very obvious that doing virtual currency business in New York is becoming harder than ever.

Bitlicense is very difficult to obtain.  There are huge capital requirements, which is indeed a burden on startups.

Anyone willing to carry out regulated cryptocurrency-related transactions within the state of New York or with parties within New York need to have a BitLicense. However, individuals making or receiving payments are exempted.

Now, they are also making it harder for mining facilities and home miners to operate from the state.

Blockchain Association:  “The NYS legislature is preparing to ban PoW mining.  We’re calling on all pro-tech, pro-innovation, pro-crypto NYS residents to make their voices heard.

Proponents of this anti-PoW bill are sending the following message to innovative crypto companies, founders, and investors: you are not welcome here. Needless to say this is a huge misstep that puts NY (the center of the financial universe!) at a disadvantage for the future.

We encourage those open-minded, future-forward members of the state assembly to add their voices in the spirit of the Biden admin’s executive order on crypto. This technology, this industry, is here to stay; let’s find a way to coexist beneficially.

Again, we urge all concerned NYS citizens to say to their state reps: let’s provide and enforce workable guidelines for crypto in NYS, letting all state citizens benefit from this growing, important industry.”

On November 4, 2021, Eric Adams, New York City Mayor: “In New York we always go big, so I’m going to take my first THREE pay checks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

So, now Eric Adams is looked upon to see if he will help with the current situation.