On January 23, 2014, the New York Department of Financial Services (“NYDFS”) released details relating to its public hearing on the regulation of virtual currencies, which will be held on January 28th and 29th in New York City. The two-day hearing will consist of five panels, each focusing on a different perspective of virtual currencies. The different panels will focus on investor and academic perspectives, regulation, law enforcement, and commerce and consumer protection.
It is expected that one of the principal topics of discussion will include the feasibility of issuing a “BitLicense” specific to virtual currency transactions and activities. The emergence of virtual currencies, such as Bitcoin, raises significant issues relating to anti-money laundering and the Bank Secrecy Act.
The hearing will be held at 90 Church Street, 4th Floor Board Room, New York, NY and is open to the press and public. Interested members of the media or public should RSVP no later than January 27th at 2:00 p.m. to Caitlin.Ferrell@dfs.ny.gov.