NY to propose Bitcoin rules this year

[CryptoCurrencyInc.com]

NY to propose Bitcoin rules this year

(Bloomberg) -- New York's financial regulator said the state this year will be the first to propose regulations for oversight of virtual currencies such as Bitcoin.

"Serious people—in the technological and investment community—are taking virtual currencies seriously," Benjamin Lawsky, the state's superintendent of financial services, said at a hearing in New York Tuesday. "They are putting significant amounts of time, attention, and capital behind them. We, as a regulator, cannot turn a blind eye."

Federal regulators in March said Bitcoin-related businesses can be handled as state-licensed money transmitters, triggering a race by some states to assess their own rules.

http://www.crainsnewyork.com/article/20140128/TECHNOLOGY/140129868/ny-to-propose-bitcoin-rules-this-year

[Smileyftw]

If you want to develop a virtual currency or a virtual currency exchange business, knock yourself out

[Sonny]

http://www.theverge.com/2014/1/28/5353806/new-york-is-considering-bitlicense-bitcoin

"They’ve realized that there are just some areas where it's not going to be an easy fit," says Judith Rinearson, a partner at Bryan Cave who specializes in money transmission and virtual currencies, and will testify at the hearing. It makes sense to craft a custom rule for Bitcoin, she says. "Something that works and makes consumers feel secure and comfortable, but at the same time not so much regulation that you're going to restrict or kill the industry or push the industry offshore."