In-Depth: The State of Cryptocurrency in New York

August 7, 2014Articles NewsBTC

As many may already be aware, July 17, 2014, the New York Department of Financial Services (NYDFS) issued its proposal for the regulation of virtual currencies (Proposed Regulations).

At this point, the Proposed Regulations are exactly that – a proposal. There is a 45-day period of public comment, after which the NYDFS may or may not consider the comments it receives. Then, with any revisions that NYDFS deems necessary, the Proposed Regulations will become final and official.

Understandably, there has been quite an uproar about the Proposed Regulations among the virtual currency world, as well as from some political spheres too. In order to understand the potential impact of the Proposed Regulations and what to make of all the recent press, the Proposed Regulations themselves first need to be understood.

This article shall serve as a primer on the key points to know about the Proposed Regulations, followed by discussion.

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