Bitcoin Forum

Wow - In case you missed this...
http://www.coindesk.com/new-texas-memorandum-outlines-initial-bitcoin-exchange-guidelines/  

It basically says Texas isn't going to regulate bitcoin exchanges and you don't need a money transmitter license in Texas - at all.

"Therefore absent a legislative change to the statute, no currency exchange license is required in Texas to conduct any type of transaction exchanging virtual with sovereign currencies"

Direct quote from the Texas Department of Banking.  It is not an interpretation.  It is direct from the horses mouth.  Therefore, you can open a bitcoin exchange for all Texas customers - TODAY!  No license necessary.  I think only Idaho has a similar situation.  

This is BY FAR the single most important document we've ever received from any United States government.
http://www.dob.texas.gov/lg_manual/sm1037.pdf   (http://www.dob.texas.gov/lg_manual/sm1037.pdf)

This is HIGHLY favorable to bitcoin.  Please read it now.  Read it carefully.  Celebrate later.

I live in Texas, I'm very excited to see my state develop an open attitude toward bitcoin, unfortunately every state still needs to follow federal regulatory guidelines as well, that said I would love to see the first US exchange based out of our little tech-mecca Austin, we already at least 1 ATM up there from my understanding

I live in Houston. Love Texas. W00t

Holy cow, I'm in texas too.

I predict...much bitcoin market start-up growth in Texas very soon.

It is ironic how NY is taking exactly the opposite stance.  Goes to show who enjoys freedom and who doesnt.

Big deal, still have to satisfy all federal requirements.

The Fed just has a VERY simply registration.  Takes no time at all.  FinCen doesn't give money transmitter licenses.  They just want you to register.  VERY EASY.  You don't need a 'license' from the Fed.  Only the state.  Today, with a very very easy registration at FINCEN, you could open a bitcoin exchange in Dallas!  TODAY!

I'm next door in Louisiana for now so this is greatly helpful.


Glad to see Texas holding up after the overnight storms too :)


What all is involved in opening an exchange?

I agree this is pretty neat. Proud to be a Texan today. :)

I hope other states follow suit.

As mentioned you will still need to register with the feds.

Perhaps Secondmarket can move down here!

It is a grand step forward but Texas doesn't get the full kudos until it steps into the 21st century with the first recreational marijuana dispensary that accepts bitcoin, and whose black female lesbian owner runs a quickie wedding service for homosexuals while giving away Origin Of The Species as parting gifts...

just sayin   ;D

There are more and more californians heading over here by the minute.

Austin is basically lil cali already.  ;D

Wow, this is huge for 'Merica!

Keep it up!

Good point! The upside though is that it'll be totally easy to find armed cowboys willing to guard the bitcoin ATMs  ;D

no one has to follow anything if your getting bitcoin exchanged to cash, no way IRS can detect that.

I hope this little bit of press at least complexifies some of the more hollow, stagnant perceptions of Texas in the Bitcoin community and the larger "educated" world. For anybody that lives here, this welcoming, hands-off approach to bitcoin regulation is not shocking at all; rather it's totally expected. Outside of some contradictory and legendarily ironic cultural biases, Texans believe in, and better--practice--non-intrusion, de-regulation, live-your-life-just-don't-kill-somebody attitudes.

A good example of Texas' leave-'em-alone philosophy is Austin. It's not the most liberal city in the world (because there are too many Texans there), but it's friggin' liberal and weird as hell and green and smart and tolerant and teck whatever--and it's thriving--the cowboys haven't stormed the place and closed it down, or started killing just random things demanding their representatives write legislature outlawing weird sh*t. Your ranchers aren't necessarily proud of Austin, and probably a little embarrassed, but, Hell, I can't see it from here.

Something that hasn't been mentioned yet is that if even if you setup shop in Texas, if you are servicing other states you will need to register with each state separately. This only gives you a free pass for the state of Texas.

So.. I don't see this as being a very big deal unless you specifically only want to have Texan customers.

http://www.txsheriffs.org/product_images/uploaded_images/fb4.jpg
"And, anybody trying to pass holding an umbrella and a Frappuccino , shoot to kill.?

El Paso...next Silicon Valley   8)

Exactly. Californians always need protections with armed cowboys from their own lethal debt ridden gun free zones  ;D

More precisely . . .

According to the new Texas regulations, a bitcoin exchange like Bitstamp would be subject to money transmitter regulations because they handle fiat.

A bitcoin exchange like Cryptsy would not be subject to money transmitter regulations because they do not handle fiat.

A Robocoin ATM that merely fronts an exchange such as Bitstamp would be subject to money transmitter regulations.

A Robocoin ATM that operates out of the owner's hot wallet would not be subject to money transmitter regulations even if the hot wallet is automatically recharged from Bitstamp.

Texas State is a thought leader with respect to financial regulations - Yay Texas!

"What Starts Here Changes The World"