The bitcoin world is up in a storm after New York issued its proposed framework to regulate virtual currencies. The proposed rules are currently in a 45-day comment period, which began on July 23, with the New York Department of Financial Services (DFS) taking comments and facilitating discourse through a reddit discussion.
The DFS is spearheading this effort after it hosted hearings earlier in the year seeking advice from virtual currency businesses, including the Winklevoss twins, law enforcement and academics. Once enacted, New York will become the first state in the country to offer a regulated environment for bitcoin businesses.
