October 19, 2021

Volume XI, Number 292

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October 19, 2021

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October 18, 2021

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New York Department of Financial Services Proposes First Comprehensive Regulatory Framework for Virtual Currency Businesses

On July 17, the New York State Department of Financial Services (DFS) released the draft “BitLicense,” a proposed regulatory framework to license Virtual Currency Business Activity. The proposed regulations follow DFS hearings held in January 2014 and are intended to promote consumer protection, stability and security in the operation of virtual currency exchanges, among other virtual currency businesses. The DFS regulations would apply to digital assets such as bitcoins and litecoins, but not to digital gaming units (e.g., World of Warcraft gold) or consumer rewards programs (e.g., Starbucks stars). DFS will accept comments on the proposed regulations for 45 days after its expected publication in the New York State Register edition of July 23, 2014. 

A copy of the proposed regulatory framework is available here.

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume IV, Number 199
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About this Author

Claudia Callaway, Litigation Lawyer, Katten Muchin
Partner

Claudia Callaway is chair of Katten’s Consumer Finance Litigation practice and co-chair of the Class Action and Multidistrict Litigation practice. She focuses her practice on the defense of state and federal class actions regarding consumer protection and consumer finance laws and representation of clients before the Consumer Financial Protection Board (CFPB), the Federal Trade Commission (FTC) and state banking agencies.

Claudia represents consumer lenders, third-party debt collectors and other consumer  financial services clients in class action suits and...

202-625-3590
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