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July 20, 2014

New York first state to propose bitcoin rules

  • People buying and selling virtual currency as a business would need a BitLicense; merchants and consumers who use the virtual currency wouldn't.
  • By MICHAEL VIRTANEN
    Associated Press

    ALBANY, N.Y. — State regulators trying to curb money laundering and safeguard investors on Thursday proposed a special set of rules for firms involved in trading and storing virtual currencies.

    New York is the first state to propose issuing separate regulations for virtual currencies, demonstrating the importance regulators attach to the fledgling field. New York City is home to several startups dealing in bitcoin, the most popular virtual currency, and some Wall Street firms are edging into the field as well.


     
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