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

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.

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