New York proposes regulations for virtual currency - DC News FOX 5 DC WTTG

New York proposes regulations for virtual currency

Posted: Updated:
New York State News New York State News

ALBANY, N.Y. (AP) - New York regulators have proposed establishing a framework for commerce in virtual currency that would apply to firms involved in receiving, transmitting and storing it, as well as retail conversions.

The proposal by the Department of Financial Services would establish a so-called "BitLicense." Merchants and consumers who use the virtual currency Bitcoin and others solely to buy and sell goods and services wouldn't need a license.

However, those buying and selling virtual currency as a customer business would.

The proposal, following a year-long department study, is intended to establish consumer protections and prevent money laundering.

Financial Services Superintendent Ben Lawsky says his agency is trying to do that without stifling innovation.

The proposed rules will be published next week, followed by a 45-day comment period.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices