26 Jun '13, 4am

State regulators warn virtual currency exchanges: WSJ

State regulators warn virtual currency exchanges: WSJ

(Reuters) - State regulators are warning virtual currency exchanges and other companies that deal with Bitcoin that they could be shut down if their activities run counter to money transmission laws, the Wall Street Journal reported, citing people familiar with the matter. Banking regulators in California, New York and Virginia in recent weeks have issued letters saying the companies need to follow the state rules or prove that the rules do not apply to them, the Journal said. "Virtual currency firms inhabit an evolving and sometimes murky corner of the financial world," Benjamin Lawsky, superintendent of New York's Department of Financial Services, told the WSJ in an interview. "The extent and nature of their operations morph constantly, so it's important for regulators to ask the hard questions and stay ahead of the curve in order to root out dangerous or illegal activit...

Full article: http://www.reuters.com/article/2013/06/26/us-digitalcurre...

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