BitLicenses to be Issued This Year

New York might become the first jurisdiction to issue licenses and regulate the exchange of Bitcoin in the world. The state’s Financial Services Superintendent, Benjamin Lawsky, said he would issue BitLicenses to companies dealing with Bitcoins, especially exchanges.

This move by New York would mark the beginning of a new era of regulation of digital, virtual and cryptocurrencies. According to Lawsky, Bitcoin exchanges should be forced to warn their customers about the nature of the virtual currencies. Lawsky wants people to be warned about the irreversible and volatile nature of the virtual coin.

Lawsky said at a currency conference in Washington DC, “Our objective is to provide appropriate guardrails to protect consumers and root out money laundering without stifling beneficial innovation. We’ve found in other areas of the financial world that strong, clear, concise disclosures are critical to earning the long-term trust and confidence of consumers. And virtual currency is no exception”.

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