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ARTICLE · 25 JULY 2014

New York Proposes First State Bitcoin Regulations

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One might have thought the biggest news in the digital currency world lately was Dell announcing that it was now accepting bitcoin.

United StatesFinance and Banking
Robert Cleary
Robert Cleary
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Martin Hamilton
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Jeffrey Neuburger
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Ivan Taback
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Arnold Jacobs
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Dietrich Snell
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One might have thought the biggest news in the digital currency world lately was Dell announcing that it was now accepting bitcoin. However, after a series of highly-publicized hearings in January, New York State rolled out its proposed regulations surrounding bitcoin and virtual currency – the first state in the nation to propose licensing requirements for virtual currency businesses.  

The July 23rd New York State Register includes a Notice of Proposed Rule Making from the New York State Department of Financial Services (the "NYSDFS") regarding the regulation of virtual currency ("Regulation of the Conduct of Virtual Currency Businesses," No. DFS-29-14-00015-P). The proposed rule calls for the creation of the "bitlicense" which the NYSDFS has hinted at in the past. The state agency goals are two-fold: to protect New York consumers and users and ensure the safety and soundness of New York licensed providers of virtual currency products and services. Virtual

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