New York finalizes Bitcoin trading rules
New York has become the first state in the US to lay down regulations and rules for the trade of virtual currency including Bitcoin.
The New York Department of Financial Services (DFS) released the new rules on Wednesday. Outlined by Benjamin M. Lawsky, Superintendent of Financial Services, the new regulations will affect traders which accept, sell or buy virtual currency.
The rules have been formed after a two-year long investigation into cryptocurrency. The "BitLicense" regulations (.PDF) contain consumer protection, anti-money laundering compliance and cybersecurity rules tailored for companies using virtual currency, including Bitcoin.
At the BITS Emerging Payments Forum in Washington, DC on Wednesday, Lawsky said digital currency highlights the dynamic nature of financial markets and technology, and the pace of change is only doing to accelerate in the years to come. As a result, "regulators need to be ready to meet that challenge."
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