New York Reveals Bitcoin License Rules

New York Reveals Bitcoin License Rules

Benjamin Lawsky, leader of the New York Department of Financial Services, has legitimized virtual currency, such as Bitcoin, by revealing a set of draft rules for “BitLicenses.”

New York Reveals Bitcoin License RulesAs part of the new rules, Bitcoin trading businesses must pass background checks, know all their customers, be open to regulator inspection at any time and keep 100% of account reserves on hands.

“We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity – without stifling beneficial innovation,” Lawsky said in a statement. “Setting up common sense rules of the road is vital to the long-term future of the virtual currency industry, as well as the safety and soundness of customer assets.”

These rules don’t apply to users who spend this money on things like food and expendables, instead they are requirements on bank businesses that buy, sell and store bitcoins. The rules serve as an attempt to eliminate black market uses, such as money laundering, for Bitcoin.

This makes it hard for anyone hoping to acquire a BitLicense, as financial regulators will carefully screen anyone running a virtual currency business. Regulators will check their criminal background, professional qualifications and judge whether they’re fit to manage money.

About the Author

Matt Holden is an Associate Content Editor for 1105 Media, Inc. He received his MFA and BA in journalism from Ball State University in Muncie, Indiana. He currently writes and edits for Occupational Health & Safety magazine, and Security Today.

Featured

  • Live from GSX 2024: Post-Show Recap

    Another great edition of GSX is in the books! We’d like to thank our great partners for this years event, NAPCO, LVT, Eagle Eye Networks and Hirsch, for working with us and allowing us to highlight some of the great solutions the companies were showcasing during the crowded show. Read Now

    • Industry Events
    • GSX
  • Research: Cybersecurity Success Hinges on Full Organizational Support

    Cybersecurity is the top technology priority for the vast majority of organizations, but moving from aspiration to reality requires a top-to-bottom commitment that many companies have yet to make, according to new research released today by CompTIA, the nonprofit association for the technology industry and workforce. Read Now

  • Live from GSX 2024: Day 3 Recap

    And GSX 2024 in Orlando, is officially in the books! I’d like to extend a hearty congratulations and a sincere thank-you to our partners in this year’s Live From program—NAPCO, Eagle Eye Networks, Hirsch, and LVT. Even though the show’s over, keep an eye on our GSX 2024 Live landing page for continued news and developments related to this year’s vast array of exhibitors and products. And if you’d like to learn more about our Live From program, please drop us a line—we’d love to work with you in Las Vegas at ISC West 2025. Read Now

    • Industry Events
    • GSX
  • Bringing New Goods to Market

    The 2024 version of GSX brought with it a race to outrun incoming hurricane Helene. With it’s eye on Orlando, it seems to have shifted and those security professionals still in Orlando now have a fighting chance to get out town. Read Now

    • Industry Events
    • GSX

Featured Cybersecurity

Webinars

New Products

  • Luma x20

    Luma x20

    Snap One has announced its popular Luma x20 family of surveillance products now offers even greater security and privacy for home and business owners across the globe by giving them full control over integrators’ system access to view live and recorded video. According to Snap One Product Manager Derek Webb, the new “customer handoff” feature provides enhanced user control after initial installation, allowing the owners to have total privacy while also making it easy to reinstate integrator access when maintenance or assistance is required. This new feature is now available to all Luma x20 users globally. “The Luma x20 family of surveillance solutions provides excellent image and audio capture, and with the new customer handoff feature, it now offers absolute privacy for camera feeds and recordings,” Webb said. “With notifications and integrator access controlled through the powerful OvrC remote system management platform, it’s easy for integrators to give their clients full control of their footage and then to get temporary access from the client for any troubleshooting needs.” 3

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises. 3

  • Mobile Safe Shield

    Mobile Safe Shield

    SafeWood Designs, Inc., a manufacturer of patented bullet resistant products, is excited to announce the launch of the Mobile Safe Shield. The Mobile Safe Shield is a moveable bullet resistant shield that provides protection in the event of an assailant and supplies cover in the event of an active shooter. With a heavy-duty steel frame, quality castor wheels, and bullet resistant core, the Mobile Safe Shield is a perfect addition to any guard station, security desks, courthouses, police stations, schools, office spaces and more. The Mobile Safe Shield is incredibly customizable. Bullet resistant materials are available in UL 752 Levels 1 through 8 and include glass, white board, tack board, veneer, and plastic laminate. Flexibility in bullet resistant materials allows for the Mobile Safe Shield to blend more with current interior décor for a seamless design aesthetic. Optional custom paint colors are also available for the steel frame. 3