New York’s top bank regulator smoothed the way for bitcoin start-ups as he gave them more time to meet the country’s first rules for licensing businesses involved in the nascent digital currency.
The state’s Department of Financial Services on Thursday said it will offer a two-year transitional BitLicense, which would be issued to firms that cannot immediately fulfil the requirements of a full licence, and will be tailored to start-ups and small businesses.
As the first state to propose rules for digital currencies, New York’s moves are being closely watched as regulators grapple with how to oversee bitcoin.
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