New York State Assembles Cryptocurrency Task Force

By Mark Lemon – Cryptocurrency Expert

New York has created a cryptocurrency task force and is the first state to do so in the United States. They will be examining how buying crypto can be properly regulated and used. The team consists of technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics.

The Digital Currency Study Bill was voted in favour of June 2017 and introduced in December 2017. The team have a target to pass on their findings by December 2020. New York State had put a set of regulations together to create a BitLicense to protect New Yorkers when buying and selling cryptocurrency, this business license has limited regulations for the state and its residents. A company with a Bitlicense must submit financial statements each quarter within 45 days.

The Executive Director of Tech:NYC, Julie Samuels has said, "Cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come." With a prominent activist of New York showing her endorsement, we could see more casting their approval.

In Connecticut, the governor Dannel Malloy has established a team to study blockchain technology. They are producing plans on how the adoption of buying bitcoin and these technologies can expand. California has also passed a bill for a working group to focus on blockchain and study the benefits that the technology can provide.

More states are likely to follow suit to form a task force on how the technology of blockchain can fit in with their requirements and provide safer measures when crypto buying. As the most trusted bitcoin broker in the UK, you can always rely on our platform to purchase your coins.

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