New York proposes 'BitLicense' rules for companies that buy and sell virtual currency
July 17, 2014
The New York Department of Financial Services (DFS) has released a copy of proposed "codes, rules, and regulations" for companies that buy and sell bitcoin and other virtual currencies roughly a year after the agency announced an inquiry into regulating bitcoin.
The proposal, which outlines requirements for a special "BitLicense" (truly), will be entered into the record on July 23. The proposed rules apply to businesses that buy, sell, transfer, store, or maintain custody or control of customers' bitcoins, as well as companies that convert fiat currency to virtual currency on behalf of merchants.
New York proposes 'BitLicense' rules for companies that buy and sell virtual currency Regulations of the Superintendent Of Financial Services – Virtual Currencies (NY State Department of Financial Services) New York Proposes First State Regulations for Bitcoin (New York Times)