New York issues 1st charter for virtual currency exchange

May 7, 2015 10:03 PM

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New York regulators have granted their first charter under the state's banking law for a commercial exchange for virtual currency to itBit Trust Company LLC. It can begin operating immediately.

Department of Financial Services Superintendent Ben Lawsky says they've sought to establish rules to protect consumers and provide regulatory certainty for entrepreneurs. He says the technology behind Bitcoin and other virtual currencies could hold real promise.

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