The State of New York took a major step towards legitimizing Bitcoin, proposing specific rules on how the digital payment transfer method should be regulated.
Bitcoin to obtain a license with the goal of preventing fraud
The rules, which resemble brokerage regulatory guidelines for knowing the customer and identifying potential acts of money laundering and fraud, will have a 45 day comment period starting after their official release on July 23. If adopted, the regulations would require those engaged in the business of managing Bitcoin transactions obtain a “BitLicense” with the goal of preventing fraud and protecting consumers.
The regulations...
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