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  • NYDFS chair wants the license reviewed to incorporate the views of the cryptocurrency players.
  • The BitLicense has been given to 22 companies; 16 of which have been licensed in the last two years.

The controversial BitLicense which is currently a must-have to operate in the state is up for review by the New York Department of Financial Services (NYDFS). The move was first mentioned by Linda Lacewell, the Superintendent of NYDFS at Georgetown University’s Institute of International Economic Law during DC Fintech Week on October 22.

Lacewell suggested that it is the right time the regulator examines the license requirements and how they fit into the current market. The evaluation will bring forth the amendments that have to be made to ensure that it is in line with the changing cryptocurrency industry. “That’s going to be one of the things that [we do],” Lacewell said while speaking to reporters at the event.

The BitLicense was put in place in 2015 and is said to be the toughest license to acquire when one wants to break into the US market. Some companies like Kraken closed operations In New York after the BitLicense was  implemented.

At the moment, 22 companies have been able to get licensed. However, only six firms were able to get the license in the first three years of its existence.

“How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look. Lacewell continued “the regulations are working well, but we want to hear from industry about how they’re operating in practicality for industry and if there are any tweaks that we should make.”