Lawsky Says New York Will Adapt Money Transfer Rules for Bitcoin
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New York state will adapt existing rules on money transmission to license digital currency firms, financial services Superintendent Benjamin Lawsky said in remarks prepared for a conference in Washington today.
“We do not have to throw out all of our existing rules for money transmitters or banks, which have generally served consumers well when vigorously enforced,” Lawsky said in a statement delivered to a New America Foundation forum on Bitcoin. “Indeed, certain aspects of virtual currency could dovetail with existing regulations.”