Norwegian Airline Boss to run Cryptocurrency Exchange

Bjorn Kjos, the Norwegian billionaire and CEO of Norwegian Air citizen claimed that his firm, Norwegian Block Exchange (NBX) is to run a cryptocurrency in 2018
09 June 2018   1378

Kjos has also hinted he’s seriously developing a framework that will make it possible for airline passengers to pay for tickets with bitcoin and other cryptocurrencies. While the prosperous entrepreneur has been contributing immensely to the continuous growth of Europe’s aviation ecosystem and his airline has achieved an impressive results of being the third-largest low-cost airline in Europe, Kjos is however not done yet. The highly reputable businessman is searching for even champion NBX to great heights that would even contest such large exchanges as  GDAX, Kraken, Huobi, and others.

We’re look[ing] at things that are easy to scale. Among other things, having a cryptocurrency as [a] payment option in the airline. We see that there is a need for a serious marketplace where you can buy and sell cryptocurrencies. One of the most important thing for us is to build an ecosystem around the solutions we develop. In particular, the ecosystem within the Norwegian group is important, but also ecosystems in the airline industry. 
Stig Kjos-Mathisen,
Chairman, NBX

Norway is a known as a rather crypto-friendly region, nevertheless, the officials are always ready to oppress crypto-related businesses that go against the regulations. For instance, in 2017, Nordea Bank AB suspended the bank account of Bitmynt AS crypto exchange. The exchange consequently filed a lawsuit against the bank.

It is curious that in May  2018, the Norwegian court ruled in favor of the bank that ostensibly declared that the exchange’s account was being used for illegal acts, including the purchase of drugs.

In correspondance to all these developments, the NBX founders have made it clear they are doing everything possible to operate within the ambits of the law. If things go well, this new initiative could endow immensely to the growth of the Norwegian cryptosphere.

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   13

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

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.

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.