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New York sets rules for running Bitcoin exchange businesses
New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have been writing and rewriting those regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process.
