New York proposes regulations for virtual currency - NEWS10 ABC: Albany, New York News, Weather, Sports

New York proposes regulations for virtual currency

Posted: Updated:

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 business would.

The proposal, following a yearlong 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 This material may not be published, broadcast, rewritten or redistributed.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

341 Northern Blvd., Albany, NY 12204

Telephone: 518.436.4822
Fax: 518.426.4792
Email: news@news10.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Albany, Inc. A Media General Company.