New York Regulator Lays Out Tweaks to Bitcoin Rules The state's banking regulator says it will soften proposed rules for virtual currencies.

By Reuters

This story originally appeared on Reuters

New York state plans to soften proposed rules for virtual currencies such as bitcoin, its banking regulator said on Thursday, after receiving a round of public comments.

Start-up companies dealing in the budding technology could get a two-year partial waiver from complying with the full set of rules to help them continue their business, New York Superintendent of Financial Services Ben Lawsky said.

The revised rules for obtaining the so-called BitLicense, which will be posted for a new round of comments in the coming days, would reduce the record-keeping requirements to seven years from 10 in the original proposal.

Companies applying for a license also could count virtual currencies toward their capital requirements, Lawsky said.

The new rules would not apply to software developers, individual users, customer loyalty programs and gift cards, currency miners, nor to merchants accepting it as a payment, Lawsky said in a speech in Washington.

Unlike conventional money, bitcoin is independent of control or backing by any government - something its advocates like but that has also led to calls for more oversight and raised questions as to how to treat it for tax purposes.

Bitcoin started circulating in 2009 and is accepted as payment by a small but increasing number of companies. Huge swings in its value and incidents where clients lost millions of dollars have hurt its reputation.

(Reporting by Douwe Miedema; Editing by Bill Trott)

Wavy Line

Editor's Pick

A Father Decided to Change When He Was in Prison on His Son's Birthday. Now His Nonprofit Helps Formerly Incarcerated Applicants Land 6-Figure Jobs.
Lock
A Teen Turned His Roblox Side Hustle Into a Multimillion-Dollar Company — Now He's Working With Karlie Kloss and Elton John
Lock
3 Mundane Tasks You Should Automate to Save Your Brain for the Big Stuff
Lock
The Next Time Someone Intimidates You, Here's What You Should Do
5 Ways to Manage Your Mental Health and Regulate Your Nervous System for Sustainable Success

Related Topics

Business News

'I Am Just Floored': Woman Discovers She Won $1 Million Lottery Prize While Checking Her Email at Work

Initially, she thought the email was a scam, but went to lottery headquarters and walked away with a six-figure check after taxes.

Business News

South Park Creators Spent 'Infinity Dollars' Renovating Iconic Colorado Restaurant, Set to Reopen Soon

Casa Bonita, a long-time favorite of South Park creators Trey Parker and Matt Stone, went bankrupt during the pandemic. The duo purchased and painstakingly renovated the Mexican spot "like a piece of art," Stone said.

Leadership

How Leveraging External Trainers Can Advance Your Companies Growth and Talent Optimization

Discover how your organization can use external trainers to build capabilities, lower training cost and create a sustainable workforce for the future, while still delivering high-quality training and lasting results.

Marketing

5 Simple Tweaks for Better Email Deliverability

Email success starts in the inbox. Learn five easy ways to tweak your strategy so you can achieve better email deliverability.

Business News

'I'm Not a Very Good Businessman': Kevin Costner Is Risking a Ton of His Own Money on New Project

The "Yellowstone" star discussed how he bankrolled his new epic movies — and his accountant isn't happy.

Business News

'I've Got the Bug for Business': See All of Mark Wahlberg's Entrepreneurial Endeavors, From Marky Mark and the Funky Bunch to Wahlburgers

Mark Wahlberg owns businesses in several categories, including entertainment production, apparel, fitness, and nutrition.