New York May Issue Permits For Virtual Currency Companies

The New York State Department of Financial Services (NYDFS) may issue transmission licenses to virtual currency companies in the next year, Finextra reported on November 15.

The NYDFS is calling the documents “BitLicences,” in reference to the popular virtual currency bitcoin. The initiative is set for a future public hearing, which would focus on both the positives and negatives of virtual currencies.

“Virtual currencies may have a number of legitimate commercial purposes, including the facilitation of financial transactions,” an NYDFS statement . “That said, NYDFS also believes that it is in the long-term interest of the virtual currency industry to put in place appropriate guardrails that protect consumers, root out illegal activity, and safeguard our national security.”

To learn more about the NYDFS proposal, read the full story here.

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