Bitcoin traders may soon need a license in NY

If it has to do with money and it happens in New York, there’s a very good chance that there’s going to be a license required at some point. The center of the world’s finances is now considering making Bitcoin trading a licensed endeavor.

On Friday, the New York State Department of Financial Services announced it will be holding a public hearing on virtual currency regulation, specifically considering whether a certification called “BitLicense” might help manage the spread of online currencies like Bitcoin. The new license would require consumer protection services, as well as anti-money laundering requirements, designed to make the currency less useful in cases of fraud and criminal activity.