Want to do business with bitcoin in New York state? You might soon need a "bit-license."

Officials will hold a public hearing Jan. 28 and Jan. 29 at which investors, law enforcement officials and computer engineers will provide insight into virtual currencies. One of the aims is to determine whether businesses accepting or transferring bitcoin should be licensed, which is required of wire transfer services.

"We license MoneyGram [and] Western Union," Benjamin Lawsky, superintendent of New York state's Department of Financial Services, said in an interview Friday on "Squawk on the Street." "Should we have a special license when it comes to money transmission [with] virtual currencies and bitcoin?"

(Read more: Ultimately, bitcoin goes to zero: Dennis Gartman)