New York’s financial regulatory department said on Tuesday that it would begin accepting “formal proposals and applications to operate virtual currency exchanges” in the state and that it would issue a regulatory framework for these businesses by the end of the second quarter. “Such proposals and applications represent the formal commencement of a regulatory process, and may be modified by the firm through discussions with NYDFS to help ensure that they include robust consumer, cyber security, and anti-money laundering protections,” the Department of Financial Services said in a press release.
This article originally appeared on Recode.net.
