Bitcoin Startups May Get Transitional License in New York
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New York may grant transitional licenses to small virtual-currency firms and startups to let them grow before facing the full burden of new regulation, the state’s top financial watchdog said.
Benjamin Lawsky, New York’s superintendent of financial services, has been developing a BitLicense this year to ensure firms dealing in bitcoins and other digital currencies protect consumers and help thwart money laundering. Since the rules were proposed in July, many comment letters have focused on the expense for fledging companies, he said yesterday in a speech.