14 Nov '13, 8pm

New York state is considering issuing ‘BitLicenses’ to bitcoin businesses

New York state is considering issuing ‘BitLicenses’ to bitcoin businesses

The term ‘BitLicense’ has officially entered into the lexicon of virtual currency terminology. The New York State Department of Financial Services (NYDFS) is considering issuing such a framework in order to regulate distributed electronic money such as bitcoin. The department, which is planning on holding an upcoming hearing regarding virtual currencies at an as-yet-unspecified date, expects to bring up the possibility of licensing the business of virtual currency money transmission. In August, it subpoenaed 22 bitcoin-related companies requesting information about the way in which they operate . “Our public hearing will review the interconnection between money transmission regulations and virtual currencies,” a document released by NYDFS titled ‘Notice of Intent to Hold Hearing on Virtual Currencies’ , dated November 14, 2013, states. “Additionally, the hearing is also ex...

Full article: http://www.coindesk.com/new-york-bitlicenses-bitcoin-busi...

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