15 Nov '13, 9pm

N.Y. Regulator Eyes 'BitLicense'

New York technology companies that develop or accept Bitcoin will soon be confronting a new regulatory environment for their products and services. The New York State Department of Financial Services said Thursday it is planning an open forum to discuss how to regulate new forms of digital currency . 'BitLicense' The department described its plan as a "fact-finding mission" with no firm deadline for new regulations or a date for the open forum. It will consider whether businesses that deal in Bitcoins should need a "BitLicense" allowing them to sell using the currency, and whether such businesses need to follow anti-money laundering laws that traditional financial institutions must, as well as requiring them to follow traditional regulatory and consumer protection guidelines. "We are very encourage by the announcement in New York," says Carol van Cleef, a partner at law fi...

Full article: http://www.inc.com/jeremy-quittner/bitcoin-faces-new-regu...

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