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ExtraTorrent.cc > Articles > NY Suggested License for Bitcoin Trading

NY Suggested License for Bitcoin Trading

NY Suggested License for Bitcoin Trading

Added: Thursday, August 7th, 2014
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc

The state of New York has become one of the first jurisdictions ever to propose explicit licenses for companies who want to carry out business in Bitcoin. The proposal is dubbed the “BitLicense” and would require legal entities to keep records of the identities and real-world addresses of their clients in order to actively keep an eye out for unauthorized activity, and to always have in its possession the amount of cryptocurrency owed to its customers.
Screen_Hunter_01_Aug.jpg

Some of the representatives of the Bitcoin community have long been waiting for the first step in turning cryptocurrency from an unregulated wild-west into a legitimate area of commerce. One of the Bitcoin trading exchanges admit that the BitLicense is an important asset that would allow them to provide US banking and regulatory protection to their target customer group.

On the other hand, the companies argue that the legal requirements are too restrictive, because the areas covered by the license are too broad and the new rules wouldn’t even allow the creation of cryptocurrency in the first place.

The Bitcoin entrepreneur, who leaked the documents revealing trouble at Mt Gox exchange, argued that for some reason the license covered companies that had little to do with the financial industry – for instance, wallets like Blockchain.info, tipping applications like Changetip, and mixing services like CoinJoin. The entrepreneur points out that the inclusion of non-hosted wallets is particularly troubling, because it outlaws the personal possession of Bitcoins for those users.

Given that license holders are obliged to monitor their users for unauthorized activities, businesses selling Bitcoin wallets they don’t host find themselves in an impossible position: their product can’t be legally sold without a license, but they have no way to monitor their clients to comply with the terms of the license. The requirement that any party controlling, administering or issuing a virtual currency requires a license is also criticized by the community, because it would have outlawed the original Bitcoin invention.

However, the suggested measures are now in draft form and still liable to change. So, any interested party has 45 days to comment on the proposal – the consultation began on 23 July.

Posted by:  SuperAdmin
Date:  Thursday, August 7th, 2014



Comments (13) (please add your comment »)

1
posted by (2014-08-07 08:45:26)
Solcis avatarHey, NY I got a message to pass on from most people who use Bitcoin: "FXCK YOU!!!"

2
posted by (2014-08-07 09:50:45)
No avatarOK so what's the difference between using my bank card to buy something and using bitcoing?? Isn't it re inventing the wheel?

3
posted by Blocked (2014-08-07 11:21:17)
No avatarIt just has to be regulated so it can be properly (re: excessively,) taxed.

4
posted by ET loverSuperman (2014-08-07 13:09:31)
tonymengela avatarRegulation is nothing more than tax,,, everything is so regulated that the cost of living is crazy, yet people still think the government is regulating for our benefit and it is not. Dont come at me with the regulation stops corporations crap because its BS. Corporations love the regulations because they can pay the fines and tax us for the overhead by forcing higher prices, PEOPLE have better sense of regulation through their purchasing or NOT purchasing. China figured it out, they just have a flat tax, and anything outside it is not just a fine but criminal. They have one of the fastest and most stable economies right now and it has nothing to do with communism or socialism as some want to point out, neither of those ideas is used in their economics, just on the people themselves. People want to blame capitalism in the US but we are not a capitalist society if we were then the government could not regulate and control.

5
posted by ET loverKitty (2014-08-07 15:14:53)
greymongel avatarwell i guess it does help some people....if ur a CEO or govement official lol

6
posted by (2014-08-07 15:46:21)
mwd25 avatarThe purpose of why N.Y. claims they are doing this is......" in order to actively keep an eye out for unauthorized activity" What does that mean? Who decides what unauthorized activity is? Such a load of crap!!!! Why is bitcoin singled out? I have a proposal, if this goes in to law,then they should pass a law saying that anyone dealing in cash MUST keep records of who made the purchase and what was purchased for EVERY cash transaction done in N.Y. Lets see if that catches on,if you do it for one currency then you must do it for all,no cherry picking on currencies you dont like with pointless regulation.

7
posted by (2014-08-07 15:57:35)
mwd25 avatar@ #2 onemustang
There are many differences,but here is one. What is the difference in using your bank card or buying 10 ounces of gold and using your gold to make purchases. Get it? Gold doesnt have a static value,the value of your 10 ounces fluctuates.Today a product may cost 3 ounces of gold...tomorrow the same product will only cost 1 ounce.

8
posted by ET lover (2014-08-07 16:57:24)
firefoxsniper avatarQuate,and to always have in its possession the amount of cryptocurrency owed to its customers.Not even real bank's do this.
There is NO Money in a bank vault,except for coins.
But curiously that currency, meaning paper dollar bills or "Federal Reserve Notes" are actually not considered "money" when they are sitting in a bank vault. They are only counted as money when they are circulating. Currency has no intrinsic value, it is only a way of keeping track of value - a "note", the same as an accounting entry in a bank ledger. When a dollar bill is sitting in the vault, the value is noted in the ledger, not the note itself.There is only one billion of vault cash in America
yet you have over a 15 trillion dollar debt how is this possible? collusion,illusion,corruption,
and fraud.That is how.

Coins are another matter - they have an intrinsic value of their own.
So there is no money in a bank vault, no matter how much currency is there, except for the value of the coins, which represents a rather small percentage of the banks assets.

9
posted by (2014-08-07 20:22:30)
jumbo71 avatarbut they still wont audit the fed...if i was in charge at bit coin id tell them to f67k off...

10
posted by ET lover (2014-08-07 23:21:16)
firefoxsniper avatarThis line above in my comment,only one billion of vault cash in America,should
read 60 billion,ten time's what is in Canada.

11
posted by Blocked (2014-08-08 01:22:10)
BadrMesba7i avatarThnxs a lot it helps -_-

12
posted by (2014-08-08 01:38:00)
No avatarDe-regulation of the financial district nearly caused a worldwide meltdown. Millions have lost everything. The only winners were the already-fat fat cats. Bailout money was used to give bonuses. Regulation and watchdogs with teeth are needed.

13
posted by (2014-08-08 20:57:12)
Solcis avatarIf NSA can't track it, then it must be regulated out of the existence.



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