U.S. state regulators should require virtual currency firms currently subject to federal anti-money laundering rules to verify the identities of users of their services who do not hold accounts, a regulatory organization said Tuesday. The recommendation comes as part of the Conference of State Bank Supervisors' proposed rulemaking framework for state-level oversight. The group, which represents regulators in 50 states and four U.S. jurisdictions, also outlined steps to address cyber-security, consumer protection controls and other supervisory concerns for digital currency companies. Although the organization received responses to a December 2014 draft of the proposal acknowledging that Bitcoin and other virtual...
Virtual currency businesses operating in New York may soon have to obtain special licenses and establish anti-money laundering, cyber security and consumer protection programs, the state's banking regulator announced Thursday.
More than a year into an effort by the digital currency industry to convince critics that its promise doesn't extend to criminals more than consumers, Bitcoin proponents are questioning whether they have the right messenger to deliver their message.
The regulatory concerns of Bitcoin and other digital currency platforms may extend beyond the anti-money laundering requirements outlined by the U.S. Treasury Department earlier this year, lawmakers and congressional witnesses said Tuesday.
New York States financial regulator will soon hold a public hearing to determine whether it should license digital currency companies that comply with regulations aimed at money launderers and fraudsters.