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New York regulator proposes easing cryptocurrency rules


REUTERS/Dado Ruvic/Illustration/File Photo

New York’s financial regulator on Wednesday proposed new licensing rules that would make it easier for companies to engage in cryptocurrency business in the state.


The New York State Department of Financial Services (NYDFS) is asking for the public’s input about the plan by Aug. 10. The initiative stems from the “actual or perceived hurdles” that firms may face in obtaining the state’s “BitLicense,” unveiled in 2015, the regulator said.


New York’s proposed framework would allow companies that want to engage in virtual currency business activity in the state to obtain a conditional license, through which they would collaborate with fully licensed companies, NYDFS said.


24 June 2020

News Source Reuters

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