Date added: : 05.06.2015

A detailed set of rules that contains the requirements for operating with cryptocurrency, reporting forms, means of securing transactions and principles of disclosure of information was compiled and officially published by the New York Department on Supervision over Financial Market Services. As you have already clearly understood, it is a question of the cryptocurrency market. Many companies actively use this digital type of currency, resorting to operations in payment systems of bitcoin, litecoin, etc.

The main message of the new rules is the requirement to obtain a special license from the regulator by those companies that operate with cryptocurrencies. The purpose of this solution is to increase the security level of such operations, as well as their transparency.

The department spent a year and a half to develop the system of rules. And now the norms regulating the use of cryptocurrency and guaranteeing the safety to consumers have come into force. The activities of all companies that participate in intermediary operations (the consumer is a trade outlet), store/maintain and transfer cryptocurrencies are subject to licensing.

There are the necessary steps for obtaining the appropriate license:

  1. - Payment of operating fee.
  2. - Providing all requisites/details, addresses.
  3. - Complete description of all types of operations performed, as well as organizational structure.
  4. - Undertaking obligations to provide information on transactions using cryptocurrency at the request of the regulator.

Important condition in the implementation of operations with digital currency is the requirement to ensure security for both the consumer and the involved outlets. Cryptocurrencies can not be used in transactions related to the purchase/sale of goods and services recognized as illegal. Now it is also necessary to file all the data on the owners of the company (both nominee and actual), the list of shareholders and the management team.

According to the head of the New York Department, the trend of the growing popularity of digital currencies and other alternative types of payments is a test for creditworthiness and solidity of such bodies as the financial regulator. To protect the consumer and to regulate the use of new payment systems within the framework of legislation, the department enacts relevant standards. But they are not meant to suppress the use of advanced technologies.

New set of rules does not affect the activities of

  • software developers;
  • users-owners of bitcoins;
  • trade outlets that allow the consumer to pay by cryptocurrencies.

According to the head of the department, software developers are not subject to regulation. It's just about financial intermediaries.

Close attention to cryptocurrencies from the American regulators was observed for the first time in 2013. Even then, according to the decision of the US Treasury, the digital currency systems were equated to the regular ones. Thus, operations to prevent money laundering have become relevant with respect to cryptocurrencies. This process initiated the development of interest of authorities of other countries of the world to virtual payment systems.