Ben Lawsky, Superintendent of Financial Services at the New York State Department of Financial Services (DFS) announced on reddit today New York’s proposed new regulatory framework for virtual currencies.
The regulations will be formally published in the July 23, 2014 edition of the New York State Register – which starts a 45-day public comment period.
A copy is available here on the DFS website.
A summary of the regulations may be found below:
Entities are considered dealing in virtual currencies if:
.. to any resident in New York. Web services, even those incorporated overseas, must either comply or block access for NY users. (200.2n)
Entities ‘dealing in virtual currency’ must:
For further explanation Ben Lawsky comments on CNBC
The question on everyone’s mind is: How can New York regulate what you cannot inherently regulate?
The answer: You can’t.
Will these “regulations” have serious repercussions within the crypto community? My prediction is not at all.
Marco covers topics aimed directly at spreading knowledge of and supporting the growth of Bitcoin, cryptocurrencies, health and tech. Marco is also a Lifeboat Foundation New Monetary Systems Advisory Board Member. Follow him on twitter: @marcoapineda13
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