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


Notify of
Inline Feedbacks
View all comments
SmartCompany Plus

Sign in

To connect a sign in method the email must match the one on your SmartCompany Plus account.
Or use your email
Forgot your password?

Want some assistance?

Contact us on: or call the hotline: +61 (03) 8623 9900.