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N.Y. proposes framework for virtual currency

Rochester Business Journal
July 21, 2014

A regulatory framework has been proposed for New York’s virtual currency businesses to protect consumers, and to prevent money laundering and breeches to cyber security, officials announced last week.

“We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity, without stifling beneficial innovation,” said Benjamin Lawsky, superintendent of the state Department of Financial Services, in a statement.

“Setting up common sense rules of the road is vital to the long-term future of the virtual currency industry, as well as the safety and soundness of customer assets,” Lawsky said.

The proposed rules are to be published in the New York State Register’s July 23 edition, with a 45-day period for public comment to follow. The rules are subject to additional review and revision based on feedback received, officials said.

A copy of the regulations is available here.
 
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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