'Bitlicense' rules regulating bitcoin released

It's official: Companies dealing in cybercurrecy bitcoin now have to get a bitlicense to operate in New York state -- a rule that could spread to other states if successful. Just weeks before he is set to leave his regulatory role for private practice, Ben Lawksy, head of New York's Department of Financial Services (DFS), released rules outlining what bitcoin peddlers need to do to obtain and retain a "bitlicense" to operate in state. DFS has regulatory oversight over dozens of NY licensed banks and insurance companies, including Goldman Sachs, MetLife and Barclays. As head of DFS, Lawsky has has made it his mission to regulate cybercurrencies, which have been tied to some high-profile drug cases and other illegal activity. The 44-page document of final rules explains such details as cost of an application ($5,000) for a license, as well as what the license will allow companies to do.