More Comments Invited for Proposed Bitcoin Rules

New York’s Department of Financial Services will extend by 45 days the comment period for its proposed virtual currency regulations. Those interested in submitting comments on the new rules will now have until Oct. 21. The move comes after a number of prominent Bitcoin supporters requested additional time to comment on the draft rules, which is intended for virtual currency companies operating in New York and includes rules on consumer protection, the prevention of money laundering and cybersecurity. A “BitLicense” would be required for Bitcoin exchanges and for companies that secure, store or maintain custody or control of virtual currency on behalf of their customers.