14 Nov '13, 8pm

New York May Give 'BitLicenses' To Bitcoin Companies

Bitcoin's milkshake brings all the regulators to the yard. This summer, “every important person in Bitcoin” got subpoenaed by New York’s state financial regulator because it wanted information about their business practices in order to get a lay of the virtual currency land. New York’s financial sheriff Benjamin Lawsky said he wanted to wrap his head around the virtual currencies in order to figure out what regulation was necessary to promote legitimate commercial uses and tamp down on the use of Bitcoin for fun stuff like drugs, guns, money laundering and child porn. On Thursday with the value of Bitcoin soaring to new highs, over $400 or double its value of a month ago, Lawsky announced plans to hold a hearing to “consider the possibility and feasibility of NYDFS issuing a ‘BitLicense’.” That “BitLicense” would allow virtual currency companies to do business in New York ...

Full article: http://www.forbes.com/sites/kashmirhill/2013/11/14/new-yo...

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