New York proposes first state regulations for Bitcoin

bitcoin-image-clipart-26By Sydney Ember | The New York Times

New York State’s top financial regulator has taken a big step to bring Bitcoin and other virtual currencies under its purview.

On Thursday, Benjamin M. Lawsky, the superintendent of financial services, announced proposed regulations for virtual currency companies operating in New York. The “BitLicense” plan, which includes rules on consumer protection, the prevention of money laundering and cybersecurity, is the first proposal by a state to create guidelines specifically for virtual currency.

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