NY Accepting Apps for Digital Currency Exchanges

Once the bitcoin ATMs hit the scene, regulation may not be far behind ...

"New York’s Superintendent of Financial Services, Benjamin M. Lawsky, has issued a public order that confirms the state is now accepting applications for digital currency exchanges.

Perhaps most notably, however, was that Lawsky indicated that these businesses will be regulated under new New York regulation, which he committed to having in place by the end of the second quarter of 2014.

In his remarks, Lawsky struck his usual balance of at once recognizing the promise of digital currencies and stressing that related business activities need to be conducted in a responsible and lawful manner.

Wrote Lawsky in the release:

“The recent problems at Mt. Gox and other firms further demonstrate the urgent need for stronger oversight of virtual currency exchanges, including robust standards for consumer protection, cyber security, and anti-money laundering compliance.

Read the rest