New York State Department of Financial Services proposes a “BitLicense” regulatory framework for virtual currency businesses. The framework contains consumer protection, anti-money laundering and cybersecurity rules tailored for Bitcoin. The move is a good step in the right direction, analyst Nathalie Reinelt says. Two other states have already taken action to regulate virtual currencies, including Texas and California. Financial institutions are closely watching the proposed regulations, says Doug Johnson, vice president and senior advisor for risk management policy at the American Bankers Association.”]
Source: https://www.cuinfosecurity.com/ny-proposes-bitcoin-regulations-a-7107