Top NY regulator issues final rules for bitcoin licenses

AP News
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Posted: Jun 03, 2015 1:38 PM

WASHINGTON (AP) — New York state's chief financial regulator has issued final rules for companies dealing in bitcoin, a project bringing oversight to the virtual currency that has widened in popularity and moved into the commercial mainstream.

Benjamin Lawsky outlined the third and final version of the rules in remarks Wednesday at a financial industry conference in Washington. It was Lawsky's final speech as New York's superintendent of financial services. He's stepping down this month.

Lawsky's agency has worked for two years on rules requiring businesses to obtain a special license if they use digital currencies and to comply with know-your-customer guidelines to prevent money laundering.

The final rules take into account concerns expressed by industry, Lawsky said. They apply only to firms that hold customers' funds and not bitcoin software developers.