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Virtual Currencies

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Citation Edit

New York State Department of Financial Services, Virtual Currencies (June 3, 2015) (full-text).

Overview Edit

The "BitLicense Framework" will regulate the use of digital currency in New York and tries to strike a balance between preventing fraud while staying open to innovation in a rapidly changing market.

The five key elements of the framework are:

  • Companies will not need prior approval to carry out software or app updates.
  • The regulator will not be regulating software developers — only the financial intermediaries. If you are not holding funds, you don't need a licence.
  • BitLicense applications won't need their own special application — they can be applied for at the same time as the more common money transmitter license.
  • Companies will not have to send duplicate reports of "suspicious activity" just because something happens with Bitcoinsdigital and non-digital currency will be treated the same.
  • Bitcoin companies will not need prior approval from the DFS when raising venture capital, unless the investor is planning to direct management or policy changes.

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