New York becomes first US state to propose rules for bitcoin

New York has become the first US state to propose rules for virtual currency businesses.

CoinDesk reportsthe New York Department of Financial Services has released a list of proposed rules and regulations that New York-based bitcoin businesses must adhere to.

It proposes bitcoin businesses that receive, transmit, store or convert virtual currency – or perform conversions between bitcoin and fiat or any value exchange – will need to be licensed to operate in New York.

If the proposed regulations become law, existing businesses will have 45 days to apply for a licence.

The proposed rules also require digital currency companies to follow detailed reporting guidelines on account holders, submit audited annual financial statements each year, and report the personal information of those involved in transactions.

The Australian Tax Office recently delayed a decision on how it would approach bitcoin.

You can find the full document from the New York Department of Financial Services here.

Image credit: Flickr/zcopley

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