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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

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

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    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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