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New York considers creating a ‘BitLicense’ for Bitcoin businesses

29
Jan
2014

New York is now the first state to consider adding a special license called a BitLicense for businesses that operate primarily in Bitcoin and other virtual currencies, after receiving a flood of requests from Bitcoin entrepreneurs asking how they should register. The New York State Department of Financial Services (NYDFS) has been investigating the issue for six months, but today the agency begins a two-day hearing of testimony from experts ranging from lawyers and entrepreneurs to the Winklevoss twins, who are heavily invested in Bitcoin and Bitcoin startups. The agency appears to be on track to introduce a special license for virtual currencies sometime this year. Its our expectation that the information we’ve gathered in this fact-finding effort will allow us to put forward, during the course of 2014, a proposed regulatory framework for virtual currency firms operating in New York, Benjamin M. Lawsky, the states superintendent of financial services, said in a statement.

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