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New York official to introduce virtual currency regulation

Department of Financial Services wants enhanced disclosure rules and more

A New York regulator has introduced new details on his agency’s plans to govern virtual currency firms in the Empire State in order to protect citizens again money laundering. Brian Lawsky, superintendent of New York's Department of Financial Services, expects to adopt “enhanced” consumer disclosure rules, capital requirements and a framework for permissible investments with consumer money.

The discussion on virtual currency regulations comes after the value of bitcoin plummeted on a big, Japan-based exchange on Friday. Bitcoin lost 20 percent of its value, dropping to $960 per unit and prompting the exchange to halt customer withdrawals. The volatile functions in the value of the currency had a knock-on effect in Slovenia on Tuesday, where a Bitstamp also froze customer withdrawals, blaming DDoS hack attacks.

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Alexis Harrison

Alexis Harrison is a Connecticut-based writer and public relations professional whose career spans both print journalism and broadcast news. Alexis started her professional life as...

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