News Brief

New York’s financial regulatory department said on Tuesday that it would begin accepting “formal proposals and applications to operate virtual currency exchanges” in the state and that it would issue a regulatory framework for these businesses by the end of the second quarter. “Such proposals and applications represent the formal commencement of a regulatory process, and may be modified by the firm through discussions with NYDFS to help ensure that they include robust consumer, cyber security, and anti-money laundering protections,” the Department of Financial Services said in a press release.