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The New York Department of Financial Services ("DFS") released a draft proposal for licensing and regulating virtual currency businesses like Bitcoin. The proposed "BitLicense" regulatory framework contains consumer protection, anti-money laundering compliance, and cybersecurity rules tailored for virtual currency firms. The new DFS BitLicenses would be required for firms engaged in virtual currency businesses including: receiving or transmitting virtual currency on behalf of consumers; securing, storing, or maintaining custody or control of such virtual currency on the behalf of customers

The New York Department of Financial Services ("NYDFS") authorized Coinbase, a digital currency exchange, to operate as a limited purpose trust company in New York. NYDFS also approved Coinbase Trust to offer secure custody services for Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP and Litecoin.

The New York State Department of Financial Services ("NYDFS") granted a virtual currency and money transmission license to a subsidiary of the New York Digital Investment Group ("NYDIG"). The authorization permits NYDIG to offer trade execution and related custody services in virtual currencies, including Bitcoin, Bitcoin Cash, Ether, XRP and Litecoin.

The SEC Office of Compliance Inspections and Examinations ("OCIE") highlighted exam priorities for 2019. The priorities focus on areas that represent increased risks to retail investors and the integrity of the U.S. capital markets. The OCIE will focus on five key areas: (i) issues of significance to retail investors (including seniors), (ii) compliance and risk as to registrants responsible for market infrastructure, (iii) digital assets, (iv) cybersecurity, and (v) anti-money laundering ("AML"). Retail Investors. Examinations will concentrate on: (i) disclosures of costs of investing, (ii)