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ARTICLE · 28 JULY 2014

New York DFS Proposes Sweeping Virtual Currency Licensing Scheme

Morrison Foerster
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The New York Department of Financial Services issued a proposed rule for public comment setting forth a novel and comprehensive "BitLicense" regulatory scheme.

United StatesFinance and Banking
Obrea Poindexter
Obrea Poindexter
Jeremy Mandell
Jeremy Mandell
James Nguyen
James Nguyen
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Yesterday, the New York Department of Financial Services ("NYDFS") issued a proposed rule for public comment setting forth a novel and comprehensive "BitLicense" regulatory scheme for entities engaged in "Virtual Currency Business Activities." The BitLicense proposal would require any entity engaged in Virtual Currency Business Activities, as defined below, to obtain a license and otherwise comply with any new requirements, if the activities involve the state of New York or a New York resident. The proposal will be published in New York State's Register on July 23, 2014, and comments on the proposal are due September 6, 2014. The NYDFS also published a copy of the proposal on various social media sites, including Reddit and Twitter.

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