On June 3, the New York Department of Financial Services issued New York's final BitLicense regulatory framework for virtual currencies such as Bitcoin. The framework rules relate to consumer protection, anti-money laundering compliance, cybersecurity, and financial intermediaries that hold customer funds. Under the framework, licensees are required to "establish and maintain an effective cyber security program to ensure the availability and functionality of the Licensee's electronic systems and to protect those systems and any sensitive data stored on those systems from unauthorized access, use, or tampering."
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