What New York’s Proposed Regulations Mean for Bitcoin Businesses

Love them or hate them, real regulations are now upon us. Federal agencies like the IRS and FinCEN have provided guidance on how they believe the Bank Secrecy Act applies to bitcoin companies, and some states like Texas and Kansas even joined in the action, publishing their own guidance on how bitcoin businesses ought to be regulated under state law. 

 

On 17th July, the New York Department of Financial Services (NYDFS) published its long-awaited proposal for a “BitLicense”. The 40-page document lays out a comprehensive framework for how bitcoin businesses ought to be regulated in New York. 

 

This webcast will address:

• What is “virtual currency”?

• The most important aspects of the proposed BitLicense as it applies to bitcoin businesses

• Who Requires a License?

• How big of a bond is required?

• What customer information must be collected?

• What kind of reserve system is required?

• In What Assets can Earnings be Invested?

• What financial reporting is required?

 

YOUR SPEAKERS:

Deborah Thoren-Peden is the leader of the law firm's Consumer & Retail industry team, and co-leader of the firm’s Privacy, Data Security & Information Use team. Her practice focuses on banking, electronic commerce, privacy, anti-money laundering and Office of Foreign Assets Control regulations. She represents and advises bank and non-bank financial institutions (both domestic and international), money transmitters, high-technology, Internet, telecommunications, insurance and a variety of other types of companies. Her primary area of practice also includes the Bank Secrecy Act, investment products, electronic funds transfers, gift and prepaid cards, escheat of unclaimed property, web site terms and conditions, privacy programs and policies, co-branding and licensing agreements, advertising, bank operations, bank deposit products and services, Fair Credit Reporting Act, fair lending, interstate banking, risk management, compliance, contract review and outsourcing arrangements. 

Marco Santori is a counsel in the law firm’s Intellectual Property practice and is located in the New York office. Recently described by an American Banker reporter as "the dean of digital currency lawyers," Marco is a recognized authority in the law of digital currencies and emerging payments. He counsels exchanges, payment processors, institutional miners, and other companies making new and exciting uses of distributed ledger technology, including so-called "Bitcoin 2.0" implementations. As Chairman of the Bitcoin Foundation's Regulatory Affairs Committee, his knowledge of the latest industry trends develops in near-real-time. He advises his clients on regulatory matters, including the compliance with and avoidance of money services and securities regulations. He won the first Blockchain Award for Bitcoin Legal Expert.