The New York State Department of Financial Services (“NYDFS”) released its revised proposed BitLicense regulatory framework earlier today. Once the revised framework is published in the New York State Register, it will trigger a new thirty-day public comment period. Further analysis will be available on the Virtual Currency Report in the coming days, but proposed
It seems like almost every day now, executive, legislative, and central banking officials and entities in countries around the world are regulating, restricting, or allowing (either expressly or implicitly) the use of virtual currencies, the operation of virtual currency businesses and exchanges, and the intersection of virtual currencies and more traditional financial institutions. Tracking these international developments has become a part-time, or possibly even full-time, endeavor and today Perkins Coie is hoping make that task a little easier for the readers of this blog by posting its International Virtual Currency Tracker.
Elliptic, a London-based digital virtual currency services firm, announced this week that it has secured insurance coverage through Lloyd’s of London for Bitcoin deposits made into its “deep cold storage” vault. This is an encouraging first step to address a pressing need—insurance—in the digital virtual currency space, but, as the saying goes, the devil is in the details. For users of the vault and other digital virtual currency companies seeking similar insurance coverage, consideration should be given to several details, some known and some unknown.
Continue Reading Insurance Coverage Available for Bitcoin Deposits – Devil is in the Details