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State may loosen strictest-in-the-nation crypto rules

New York may soon loosen up some of its virtual currency laws, which were approved five years ago as some of the first and toughest regulations on the young industry. 

The state Department of Finance is seeking comments on a proposal that would allow companies temporary access to a BitLicense, which gives the right to buy, sell and trade digital currencies in New York.

Under the new rules, new firms would be able to partner with an already licensed institution to work in the state for at least two years, during which time they could apply for a full license.

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