The state of New York is planning to create regulation in order to force virtual currency companies which operate within state borders to have a “BilLicense”, or license to operate an trade with virtual and cryptocurrencies. At least this is the plan for now, according to Benjamin Lawsky, top state banking regulator.
Lawsky, a New York Superintendent of Financial Services, stated that a regulatory move like this would curb misconduct like money laundering and fraud and would legitimize and open the market to safer and legal trade and transactions on cryptocurrencies.
According to Lawsky, “Ultimately, it’s our expectation that the information we’ve gathered in this fact-finding effort will allow us to put forward, during the course of 2014, a proposed regulatory framework for virtual currency firms operating in New York”.