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New York Department of Financial Services Begins Accepting Applications for the Establishment of Regulated Virtual Currency Exchanges



by Stephen F. Donahoe
Kilpatrick Townsend & Stockton LLP - Washington Office

Erich M. Hellmold
Kilpatrick Townsend & Stockton LLP - Washington Office

Aaron M. Kaslow
Kilpatrick Townsend & Stockton LLP - Washington Office

Michael A. Mancusi
Kilpatrick Townsend & Stockton LLP - Washington Office

Kevin M. Toomey
Kilpatrick Townsend & Stockton LLP - Washington Office

March 20, 2014

Previously published on March 18, 2014

On March 11, 2014, the New York Department of Financial Services (“NYDFS”) issued a public order (“Order”) announcing that the NYDFS will consider formal proposals and applications for the establishment of regulated virtual currency exchanges operating in New York. It is expected that the NYDFS will expand its oversight to include those virtual currency exchanges doing business with New York residents. The NYDFS stated that formal proposals and applications may be submitted immediately and may be modified by the applicant through discussions with the NYDFS during the application process to ensure strong legal and operational controls, including anti-money laundering (“AML”), cyber security and consumer protections.


 

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