NY Financial Regulator Lawsky Releases Final BitLicense Rules for Bitcoin FirmsRules to only regulate intermediaries with custody of customer funds, not software developershttp://www.wsj.com/articles/ny-financial-regulator-lawsky-releases-final-bitlicense-rules-for-bitcoin-firms-1433345396Outgoing New York Superintendent of Financial Services Benjamin Lawsky released sweeping new rules for licensing digital-currency businesses in the state Wednesday, staking part of his legacy on launching a specialized regulatory regime for an industry that many experts believe could play a significant role in the financial system.
The new rules, which Mr. Lawsky announced during a speech in Washington—his last as superintendent before departing at the end of this month—were met with a mix of condemnation and support from bitcoin advocates, who have long feared that the regulations could stifle innovation in their nascent industry.
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