“We do not have to throw out all of our existing rules for money transmitters or banks, which have generally served consumers well when vigorously enforced,” Lawsky said in a statement delivered to a New America Foundation forum on Bitcoin. “Indeed, certain aspects of virtual currency could dovetail with existing regulations.”
New York will “likely have to proceed with issuing some form of specially tailored BitLicense that adapts those rules to the world of virtual currency,” Lawsky said.
The Treasury Department’s Financial Crimes Enforcement Network said in March that virtual currency businesses may be regulated as money transmitters. Since states license such companies, the decision set off a scramble by states to decide how to treat the embryonic industry.
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2 thoughts on “Lawsky says New York will adapt money transfer rules for Bitcoin”
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Lucinda StawellPosted on 2:46 am - Nov 25, 2014
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