ARTICLE
28 August 2015

New York Releases Digital Currency Framework

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Jones Day

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Jones Day is a global law firm with more than 2,500 lawyers across five continents. The Firm is distinguished by a singular tradition of client service; the mutual commitment to, and the seamless collaboration of, a true partnership; formidable legal talent across multiple disciplines and jurisdictions; and shared professional values that focus on client needs.
On June 3, the New York Department of Financial Services issued New York's final BitLicense regulatory framework for virtual currencies such as Bitcoin.
United States Privacy

On June 3, the New York Department of Financial Services issued New York's finalĀ BitLicense regulatory framework for virtual currencies such as Bitcoin. The framework rules relate to consumer protection, anti-money laundering compliance, cybersecurity, and financial intermediaries that hold customer funds. Under the framework, licensees are required to "establish and maintain an effective cyber security program to ensure the availability and functionality of the Licensee's electronic systems and to protect those systems and any sensitive data stored on those systems from unauthorized access, use, or tampering."

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