New York’s DFS may create Transitional BitLicense for bitcoin

SPECIAL LICENSE : DFS is setting up a a framework for small businesses to use Bitcoins (virtual currency) — Reuters

SPECIAL LICENSE : DFS is setting up a a framework for small businesses to use Bitcoins (virtual currency) — Reuters

New York’s Department of Financial is considering creating a special type of bitcoin license called a Transitional BitLicense, which would let certain small businesses and start-ups operate within a more flexible framework, according to the department’s superintendent, Benjamin Lawsky.

Lawsky is due to make the announcement on Sunday night (Monday afternoon Malaysian time) at the Money 20/20 conference in Las Vegas.

The initial comment period for the proposed BitLicense framework ended on Oct 21, 2014.

The DFS is also designating a small group of specialised examiners to deal with start-ups and their license applications. — Reuters

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