November 3, 2014 / 5:02 AM / in 4 years

New York's DFS may create 'Transitional BitLicense' for bitcoin

Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris July 11, 2014. REUTERS/Benoit Tessier/Files

NEW YORK (Reuters) - New York’s Department of Financial Services is considering creating a special type of bitcoin license called a “Transitional BitLicense,” which would let certain small businesses and start-ups operate within a more flexible framework, according to the department’s Superintendent, Benjamin Lawsky.

Lawsky is due to make the announcement on Sunday night at the Money 20/20 conference in Las Vegas.

The initial comment period for the proposed BitLicense framework ended on Oct. 21, 2014.

The DFS is also designating a small group of specialized examiners to deal with start-ups and their license applications.

Reporting by Michelle Conlin; Editing by Eric Walsh

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