New York Regulator Issues Final Virtual Currency Rules

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The state of New York is going to start issuing what they call a "BitLicense" for anyone dealing in virtual currencies.

New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry. The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations.
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Here is an idea. Setup shop somewhere other than NY, and then ignore them. So glad my mother has finally left that state. Now, I need never return there.
 
GORANKAR said:
Here is an idea. Setup shop somewhere other than NY, and then ignore them. So glad my mother has finally left that state. Now, I need never return there.
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Maybe I'm missing the problem, but considering how many people had their Bitcoins stolen/disappear when banks went out of business and/or were hacked, this doesn't seem like a bad thing. If you keep your BTC on your system, then it doesn't seem like it affects you.
 
This is unacceptable. Might as well involve the government in any kind of transaction including MTG card trading (I make this reference because of MTGOX of course) - for our "protection," of course.

If you're stupid enough to put a ton of money into something like this, there is something wrong with YOU.
 
OEM said:
NY is a nanny state, which this proves even more.
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NYC is also finance capital of the world where one could totlally expect regulations to kick in because thats where the markets and regulators. You can't wear a bikini in Theran and not expect some scrutiny, People who want virtual curracnies to be a big deal better expect they will get regulated as they grow.
 
OEM said:
NY is a nanny state, which this proves even more.
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I am DarkStar_WNY and I approve this message. :D


roma said:
NYC is also finance capital of the world where one could totlally expect regulations to kick in because thats where the markets and regulators. You can't wear a bikini in Theran and not expect some scrutiny, People who want virtual curracnies to be a big deal better expect they will get regulated as they grow.
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This is a good point, and those involved should expect government intervention at some point, rightly or wrongly as that is what governments do.
 
roma said:
NYC is also finance capital of the world where one could totlally expect regulations to kick in because thats where the markets and regulators. You can't wear a bikini in Theran and not expect some scrutiny, People who want virtual curracnies to be a big deal better expect they will get regulated as they grow.
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BitCoin should be treated no differently than any other transaction between individuals. Government should be no more involved than they would be if I were trading MTG cards.

And the reason they want to be involved is NOT for protection, but for taxes and for the drug war (Silk Road), etc. I don't approve of those reasons, nor should any citizen.
 
dandragonrage said:
BitCoin should be treated no differently than any other transaction between individuals. Government should be no more involved than they would be if I were trading MTG cards.

And the reason they want to be involved is NOT for protection, but for taxes and for the drug war (Silk Road), etc. I don't approve of those reasons, nor should any citizen.
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I would agree about the tax part of that statement, but I have to disagree on the other part, since isn't it the government's job to deal with violations of US law?

Now a case could be made about the effectiveness off the war on drugs, but as long as it's the law of the land it's the government's responsibility to do everything it can to stop the illegal drug trade.
 
dandragonrage said:
BitCoin should be treated no differently than any other transaction between individuals. Government should be no more involved than they would be if I were trading MTG cards.

And the reason they want to be involved is NOT for protection, but for taxes and for the drug war (Silk Road), etc. I don't approve of those reasons, nor should any citizen.
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Or just any other funds derived from illegal activity, or even legally derived funds going to sanctioned parties.

I'm not against bitcoin by any means, but it is incredibly naive to think that it isn't going to be used, just like anything else, for illicit means. ISIS already has guidance on how to donate to them in BTC, and actual examples of this in the wild have now been found.
 
dandragonrage said:
This is unacceptable. Might as well involve the government in any kind of transaction including MTG card trading (I make this reference because of MTGOX of course) - for our "protection," of course.

If you're stupid enough to put a ton of money into something like this, there is something wrong with YOU.
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If you take deposits you're a bank. Banks are regulated (though probably not enough, as we learned in 2008).

I don't get why this matters. If you don't like the regulations, don't deal with these banks. You can always store your bit coins on your computer or a thumb drive.

If you want a stable currency, then regulation is needed. Certainly all of the theft with BTC over the last few years crushed it's value (though 1k was way WAY overvalued).
 
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