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NY Releases Revised BitLicense Proposal

Law360, New York (February 4, 2015, 7:34 PM EST) -- The New York Department of Financial Services on Wednesday introduced a revised proposal for its first-ever license for virtual currency operators that includes a conditional version of the license for startups, state-level anti-money laundering requirements and enhanced consumer protections.

The revisions to the New York Department of Financial Services BitLicense proposal had been teased by the agency’s chief, Superintendent of Financial Services Benjamin Lawsky, in a December speech. The revisions incorporate some of the changes that users of bitcoin and other virtual currencies wanted to see and also includes a new conditional license.

In his December speech, Lawsky said his agency...

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