New York issues first bitcoin license, brings consumer protection
New York State's financial regulator has issued its first bitcoin license, bringing consumer protection, compliance and cybersecurity guidelines to what still is very much the Wild West of the financial industry.
The BitLicense imposes some of the same conditions on companies operating with virtual currencies such as bitcoin as it does with institutions handling conventional currencies.
The license was issued to Circle Internet Financial, a startup that's received millions of dollars in funding from venture capital firms including Goldman Sachs and IDG Capital Partners. The latter company is a subsidiary of International Data Group, the parent of IDG News Service.
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