On March 11, the New York State Department of Financial Services (DFS) issued an order calling for “proposals and applications in connection with the establishment of virtual currency exchanges located in the State of New York.” Proposals can be submitted immediately. Approved exchanges would be subject to any eventual virtual currency regulatory framework established by the DFS, which the DFS now states will be proposed no later than the end of June. The DFS also announced it will “in the near future” consider applications for other virtual currency firms beyond exchanges.