Karen Freifeld
January 28, 2014

New York will propose regulating virtual currency firms that operate in the state this year and may require them to obtain a “BitLicense,” state banking regulator Benjamin Lawsky said on Tuesday.

The regulations would be aimed at preventing misconduct such as money laundering without derailing a fledgling technology, said Lawsky, the state’s superintendent of financial services.

Lawsky was speaking at the start of two days of hearings on online currencies organized by his agency, the New York Department of Financial Services.

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