On July 17, 2014 New York became the first state to propose
regulations to the online currency bitcoin. Benjamin Lawsky, the
Superintendent of the NYS Department of Financial Services
("DFS"), unveiled a summary of what the DFS will publish
on July 23, 2014 thus bringing Bitcoin one step closer to a
legitimate form of money. Since New York is the leader in financial
regulation, other states will surely pay attention.
Businesses that buy, sell and store bitcoins would be required
to have a license and follow all of the new regulations. It's
an attempt to clamp down on black market uses for Bitcoin, such as
money laundering and buying illegal goods, as was done on Silk
Road. Customers who use bitcoins to buy legal goods needn't
worry: A license for simply using bitcoins isn't
necessary.
