The Business Times
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New York's dream of being virtual currency hub fades

Its BitLicense regulation in limbo after departure of top regulator, allowing London and S'pore to catch up

Published Mon, Oct 31, 2016 · 09:50 PM

    New York

    NEW York's financial regulator had its sights set on becoming a global hub for innovations like bitcoin when it adopted trailblazing virtual currency rules last year. But the state lost that momentum when the agency's chief left, putting a licensing process in limbo and allowing rivals to catch up.

    Since June 2015, New York has required virtual currency firms doing business there to get a "BitLicense" to hold customer funds and exchange virtual coins for dollars and other regular currencies.

    New YorkBitcoin

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