NewYork considers Bitcoin Licensing

New York State Department of Financial Services announced it will be holding a public hearing on virtual currency regulation.


In August 2013, the New York State Department of Financial Services (NYDFS) issued a public notice that it has launched an inquiry into the appropriate regulatory guidelines for virtual currencies.


The release states. "Additionally, the hearing is also expected to consider the possibility and feasibility of NYDFS issuing a ‘BitLicense’ specific to virtual currency transactions and activities, which would include anti-money laundering and consumer protection requirements for licensed entities."
They claim this is for our safety and will help manage the spread of Bitcoin.


"BITlicense" would require consumer protection services, as well as anti-money laundering requirements, designed to make the currency less useful in cases of fraud and criminal activity.


uhm.. im sorry now we will have to pay . exactly who to use this free open source peer to peer service?


oh oh wait... ic its a national security issue


As the Department of Finance put it, "it is in the long-term interest of the virtual currency industry to put in place appropriate guardrails that protect consumers, root out illegal activity, and safeguard our national security."


i call bullshit... sounds like a regular oldschool shakedown. Somebody wants a cut of the pie.. or maybe is scared their bank institution may be under threat.

In August 2013, the New York State Department of Financial Services (NYDFS) issued a public notice that it has launched an inquiry into the appropriate regulatory guidelines for virtual currencies.

Read more: http://www.businessinsider.com/new-york-to-hold-hearings-on-bitcoin-2013-11#ixzz2kyPdcmdp