It has had a difficult childhood and a rocky adolescence, but Bitcoin is a pretty smart payment protocol that still has a promising future.
Businesses that transmit or control virtual funds on behalf of others have 45 days to apply for a state-issued license that imposes anti-money laundering controls, New York said Wednesday.
This time last December, one might reasonably have expected that 2014 would be a year of modest changes for the anti-money laundering and sanctions compliance sector. Then came JPMorgan Chase, BNP Paribas and a convoy of Russian tanks to quash that notion.
New York's financial regulator could soon hone expected rules on the use of virtual currencies after industry representatives complained to the agency that parts of its initial plan were vague.
Virtual currency businesses operating in New York may soon have to obtain special licenses and establish anti-money laundering, cyber security and consumer protection programs, the state's banking regulator announced Thursday.
U.S. officials have sent formal warning letters to a number of virtual currency firms it suspects have failed to register as money services businesses, the head of the nation's financial intelligence unit said Tuesday.
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