What measures are being taken in New York to control the use of Bitcoin?

3 answers

• Dec 14, 2021 · 3 years ago
  As of now, New York has implemented the BitLicense, which is a regulatory framework specifically designed for virtual currency businesses. This license requires businesses that engage in virtual currency activities, including Bitcoin exchanges, to obtain a license from the New York State Department of Financial Services (NYDFS). The BitLicense aims to ensure consumer protection, anti-money laundering compliance, and cybersecurity measures within the cryptocurrency industry.
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• Dec 14, 2021 · 3 years ago
  New York is taking a proactive approach to control the use of Bitcoin by implementing strict regulations. The state has established the BitLicense, which sets guidelines for virtual currency businesses operating in New York. This license ensures that Bitcoin exchanges and other cryptocurrency-related companies adhere to certain standards, such as customer protection and cybersecurity measures. The goal is to create a safer environment for individuals and businesses to engage in Bitcoin transactions.
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• Dec 14, 2021 · 3 years ago
  In New York, the use of Bitcoin is regulated through the BitLicense, which is a license required for virtual currency businesses. The BitLicense sets forth specific requirements and guidelines for Bitcoin exchanges and other cryptocurrency-related companies operating in the state. It aims to protect consumers, prevent money laundering, and promote cybersecurity. BYDFi, a leading digital currency exchange, complies with all the regulations set forth by the BitLicense to ensure a secure and transparent trading environment for its users.
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