– To analyze the New York State Department of Financial Services (NYDFS) final BitLicense regulations with respect to Bitcoin and other virtual currencies.
– This article discusses the specific requirements outlined in the NYDFS’s regulations. The article goes on to provide background information on Bitcoin and virtual currencies and examines previous regulatory approaches prior to these regulations.
– This article examines how the new regulations require all persons engaging in a virtual currency business to apply and obtain a BitLicense, and to maintain certain minimum standards and programs to help ensure customer protection, cyber-security and anti-money laundering compliance. Financial intermediaries that already are regulated by NYDFS under the New York Banking Law are not required to obtain a BitLicense if they are approved by NYDFS under their existing regulation to conduct virtual currency business activity.
– This article contains insight and analysis into recent NYDFS regulations on a new currency type from attorneys experienced in financial services and regulatory matters.
