New York State Proposes Bitcoin Regulatoins

The State of New York took a major step towards legitimizing Bitcoin, proposing specific rules on how the digital payment transfer method should be regulated. Bitcoin to obtain a license with the goal of preventing fraud The rules, which resemble brokerage regulatory guidelines for knowing the customer and identifying potential acts of money laundering and fraud, will have a 45 day comment period starting after their official release on July 23. If adopted, the regulations would require those engaged in the business of managing Bitcoin transactions obtain a “BitLicense” with the goal of preventing fraud and protecting consumers. The regulations…