“New York’s financial sheriff Benjamin Lawsky announced plans to hold a hearing to ‘consider the possibility and feasibility of NYDFS issuing a ‘BitLicense’.’ That ‘BitLicense’ would allow virtual currency companies to do business in New York and send currency to New Yorkers, and would require compliance with anti-money laundering and consumer protection requirements. But what would a ‘BitLicense’ do that existing regulations don’t already provide for? NY’s financial regulator says it plans to determine that at a hearing in ‘coming months.’ Among the issues are which entities would need to get a BitLicense and what kind of ‘specifically tailored examination requirements’ they would need.”
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