Commerce

New York State Considering New Regulatory Guidelines for Bitcoin

Published on August 12, 2013
by Jason Del Rey

The superintendent of New York State’s Department of Financial Services said on Monday that his department has “launched an inquiry into the appropriate regulatory guidelines that it should put in place for virtual currencies,” the most prominent of which is bitcoin. The superintendent, Benjamin M. Lawsky, said that preliminary inquiries have found that there are virtual currency businesses acting as money transmitters, but without the proper safeguards in place. Beyond looking to make sure that these businesses abide by existing guidelines, Lawsky said his agency is also considering new guidelines specific to virtual currencies.

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