New York Department of Financial Services To Hold Hearings on Virtual Currencies

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The New York Department of Financial Services announced that it will hold public hearings on virtual currencies. The hearings will take place on January 28 and 29 in New York City. These hearings are part of an ongoing inquiry into virtual currencies by the DFS that was first launched in August 2013 (see August 20, 2013 Alert). The hearings are being conducted in an attempt to determine the appropriate regulatory guidelines for virtual currencies, including the possibility of certain licensing requirements specific to virtual currencies.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Topics:  Bitcoins, Virtual Currency

Published In: Finance & Banking Updates, Science, Computers & Technology Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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