Proposed ‘Bit License’ Will Likley be Welcomed - Carol Van Cleef

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    DC Partner carol Van Cleef was asked to comment on a new proposal that would require digital currencies to acquire licensing to ensure compliance with antimoney laundering and consumer protection rules in a November 14, 2013 Reuters piece. Ms. Van Cleef claimed the so-called 'Bit License' would be "welcome" due to its potential to "give a wide variety of virtual currency models an opportunity to test their business models in a controlled environment at a reasonable cost for a young company." "Without this approach the price tag of state licensing is a game-stopper for new entrants in one of our most highly innovative sectors of the economy," she added.

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