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How to Submit Comments on Proposed Virtual Currency Regulatory Framework

Note: There has been a significant amount of public interest in and commentary on DFS' proposed regulatory framework for virtual currency firms. A number of groups and individuals have also requested additional time to study the proposal given that it is the first of its kind and could potentially serve as a model for other jurisdictions. As such, DFS has doubled the length of the initial comment period for its proposed Virtual Currency regulatory framework to 90 days from 45 days. Comments will now be due October 21, 2014. (There would also be an additional comment period beyond that if DFS makes material changes to its initial proposal, which would provide further time for public feedback.)

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The New York State Department of Financial Services (DFS) published a proposed Bitlicense regulatory framework for virtual currency businesses in the July 23, 2014 edition of the New York State Register.

Public comments on this proposal may be submitted to: DFS Office of General Counsel - Dana V. Syracuse, New York State Department of Financial Services, One State Street, New York, NY 10004, email: dana.syracuse@dfs.ny.gov

The full text of the proposed regulation is available here.