New York regulatory response to virtual currency risks

Abstract

This paper indicates the main risks connected with virtual currencies and shows what was the New York regulatory response to them. Because some time has passed since the adoption of the appropriate laws, the effect of the regulation could be also assessed. Based on described research, a thesis is put forward that even an onerous regulation of virtual currency in certain jurisdiction shall not kill this financial innovation there. Therefore, states should regulate crypto-assets to attract the industry which currently have a huge potential to growth.