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ARTICLE · 05 JUNE 2015

New York Releases Final BitLicense Rules

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Readers of this blog will know that we have been following the recent legal developments relating to bitcoin and other virtually currency systems.

United StatesMedia, Telecoms, IT, Entertainment
Jeffrey Neuburger
Jeffrey Neuburger
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Readers of this blog will know that we have been following the recent legal developments relating to bitcoin and other virtually currency systems [also here and here]. Yesterday, in a significant development reflecting the general maturation of virtual currencies as a recognized payment system, Benjamin M. Lawsky, Superintendent of the New York State Dept. of Financial Services (NYSDFS), announced New York's final "BitLicense" rules.

The NYSDFS is the first state agency to release a comprehensive framework for regulating digital currency-related businesses. This has been the culmination of a two-year period of drafting and public comment, with the initial proposed rules having been published last July. The keystone of the regulations are consumer protections, anti-money laundering compliance and cybersecurity rules that are designed to place appropriate "guardrails" around the industry without "stifling beneficial innovation."

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