As tech companies Google and Dell embrace the online currency Bitcoin, the state of New York is proposing new rules regarding its regulation.

The new suggested framework was released by the New York State Department of Finance (DFS) on July 17 as the big companies further broadened the usage of the currency.

The proposal involves the idea of a BitLicense that would be the regulating online exchanges and virtual currency services of Bitcoin in New York. It includes key stipulations and a number of important details intended for the protection of the consumers by helping to prevent fraudulence during transactions.

Companies that plan to begin trading using the virtual currency will have to obtain the BitLicense and have a certain amount of Bitcoin in its reserves. DFS would also require the companies to have a trust account or a bond to better protect the users.

Furthermore, companies will have to follow an anti-money laundering program, while account holders will have to be verified in compliance with the BitLicense regulations.

While there are those who question the planned policies from the Bitcoin community, the DFS is not actually asking for something that is out of the ordinary, according to tech website eWeek. One of the main questions asked is which companies will be required to have a BitLicense and when the new regulation will take effect. This has also become an issue for the Bitcoin Foundation.

DFS plans to publish the regulations formally on July 23 and a period of 45 days will be dedicated for comments from concerned parties. According to Jim Harper of the Global Policy Counsel's blog post, it took the DFS and financial regulation experts of New York more than six months to come up with the proposed regulations.

Whatever the regulating body decides to adopt from the rules and stipulations, they will be there to serve the legitimizing of the Bitcoin as part of regular day-to-day business activities and transactions in the financial capital of the world.