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NYS Issues 1st Charter For Virtual Currency Exchange

WAMC photo by Dave Lucas

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, allowing it to begin operating immediately. The Bitcoin exchange is based in New York City.

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.

The department last year initiated a process for accepting license applications, saying itBit applied in February and has been reviewed for its anti-money laundering, capitalization, consumer protection, and cyber security standards.

It says it is continuing to review and accept applications and proposals from other virtual currency companies.

Copyright 2015 The Associated Press.

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.
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