by Lisa Vaas on July 21, 2014

 

 

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New York on Thursday became the first US state to announce proposed rules tailored specifically for virtual currency firms like Bitcoin and related businesses.

The proposed regulatory framework the state wants to wrap around Bitcoin is striking some as being too close to a straitjacket.

For one thing, the rules would require that company founders and employees submit to fingerprint and background checks and that the companies retain 10 years of transaction records.

The proposed framework includes consumer protection, anti-money laundering compliance, and cybersecurity rules.

 

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