NY Considering Bitcoin Licenses for Small Businesses, Startups The 'Transitional BitLicense' would let certain virtual currency companies operate within a lighter regulatory framework.

By Reuters

This story originally appeared on 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 startups and their license applications.

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