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July 17, 2014Law & sovereign policyLegislationdocumented

New York proposes the BitLicense framework

The New York Department of Financial Services published proposed licensing rules tailored to virtual-currency businesses.

The draft addressed custody, capital, cybersecurity, anti-money-laundering controls, consumer disclosures, and recordkeeping. It drew extensive public comment from companies, developers, civil-liberties groups, and users.