The New York State Department of Financial Services (DFS) is seeking public comment on a proposed "BitLicense" regulatory framework for New York virtual currency businesses, DFS Superintendent Benjamin M. Lawsky said Thursday. The proposed framework – the first on a state-wide basis in the country – will require licensees to have strong compliance and supervisory policies and procedures. "We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity – without stifling beneficial innovation. Setting up common sense rules of the road is vital to the long-term future of the virtual currency industry, as well as the safety and soundness of customer assets," Lawsky said in a release. Comments will be received for 45 days following July 23, and must be submitted pursuant to the state's official process in order to be considered, the DFS said. The DFS began its inquiry into appropriate regulatory guidelines for virtual currencies in August
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