What are the laws concerning the use of virtual currency and blockchain technologies?

In New York, the laws concerning the use of virtual currency and blockchain technologies are still evolving. In 2014, the New York State Department of Financial Services released the controversial “BitLicense” which required companies to have a license in order to provide virtual currency services, such as bitcoin. This has made it difficult for businesses to operate in New York, as the license is expensive and hard to obtain. Recently, the state has made more progress concerning the use of blockchain technology, and the state legislature has proposed several bills to further regulate virtual currency. In 2019, the New York State Assembly passed the "Digital Currency Study Bill" which included provisions to study the use of blockchain technology in state programs. The bill also authorized the State Department of Financial Services to create regulations concerning virtual currency. Furthermore, the New York State Department of Financial Services also established guidelines for businesses dealing with Initial Coin Offerings (ICOs). These guidelines are intended to help ensure that ICOs are conducted legally and securely, and that investors are protected. Overall, as the use of virtual currency and blockchain technology continues to evolve, so too do the laws in New York. The state is proactively working to create laws and regulations to protect consumers and businesses alike, and to help ensure that these technologies are used safely and ethically.

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What are the laws concerning the use of virtual currency and blockchain technologies?

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