New York to introduce regulations for Bitcoin transactions


New York’s financial regulator will adopt rules to govern virtual currency firms with a view to combatting money laundering. The move comes in the wake of a series of hack attacks that have halted bitcoin transactions across the globe. The state currency regulator announced on Tuesday that current regulations governing currency transmissions would be adapted to suit new digital currencies. The rules would make New York the first US state to legislate for alternative cyber-currencies such as bitcoin. “Our objective is to provide appropriate guard rails to protect consumers and root out money laundering – without stifling beneficial innovation,” Benjamin Lawsky, superintendent of New York’s Department of Financial Services, said at a speech Tuesday in Washington. [Source]

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