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ANALYSIS: NY Virtual Currency Proposal Formalizes Old Policies

Dec. 20, 2019, 11:34 AM

The New York Department of Financial Services (NYDFS) proposed a policy framework to simplify listings of new virtual currencies by BitLicense holders on December 11, 2019. This proposal to ease the regulatory restrictions of the BitLicense regime may appear to be a new departure for the NYDFS, but it is consistent with policy decisions by the NYDFS and federal authorities that date back half a decade. The new policy framework, if adopted, would help to clarify them.

The NYDFS Proposal

The proposed guidance from the NYDFS, which is open for public comment until January 27, 2020, outlines two options, each...

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