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Jaron Lukasiewicz, CEO of Coinsetter, is optimistic about the company’s recent authorization under the BitLicense. He shared his thoughts with CoinFox. 

A New York-based bitcoin exchange, Coinsetter applied for the BitLicense earlier this month. Having complied with the rules of the New York Department of Financial Services, Coinsetter will continue to operate in the State of New York. 

Lukasiewicz described the process of getting a license under the new law as a challenging one. Although there were seemingly no difficulties, the company put a lot of effort into the application.

“Coinsetter applied for the BitLicense before the deadline, spending approximately $50,000 and significant amounts of time over the last two years in the process,” he said.

“The BitLicense application process is not easy, but it was important towards maintaining our goal of continuing to serve customers in New York State,” Lukasiewicz added.

Coinsetter does not exclude the possibility that acquiring the license from the NY state might attract new customers and investors who were hesitant about Coinsetter (or bitcoin as a currency in general) before.

“We don’t view regulation as converting new customers overnight, but it will help provide confidence to some of the larger potential market participants that are sitting on the sidelines,” said Coinsetter CEO.

As for the current clients, the new legal status will not affect them in any way. “There will be no negative changes to our customer experience as a result of BitLicense,” Lukasiewicz stated. 

To operate legally, all companies that supply digital currency services to the residents of the State of New York should have applied for a licence before 8 August. Bitcoin companies had to follow strict KYC/AML rules and pay an application fee of $5,000. If the license is refused, the company must cease its operations in New York. Coinsetter announced the submission of the application with the New York Department of Financial Services in a press release, sent to CoinFox.

 

Aliona Chapel