Final NYDFS Bitlicense

[vm_mpn]

Quick skimming reveals the license is a tiny $5000 to obtain , and essentially carries over standard anti-money laundering practices to the virtual currency businesses that would need to obtain this license to continue to operate , or be founded , within 45 days. It does require that licensees maintain adequate balances of all fiat and virtual currencies to match their customer's deposits as well as prohibiting virtual currency businesses from engaging in any trade with their customer's deposits (this is very good for customers and indeed bitcoin itself - these businesses having to maintain adequate balances and are not allowed to engage in insider style trading using customer deposits). It's hardly onerous and nothing unexpected - this is good news I gather that essentially it acts as a legally enforceable mechanism to have exchanges that fall under this license operate ethically and transparently. I'll also refrain from posting the full text , it being 44 pages long - it's easy to click on the link and to read it without the need to clog this thread with pages of text.

Thank you sir for the plain english version.  So this looks like it isn't as bad as I thought it would be, and it may even be a good thing for the average bitcoin user like me.  Now what we have to look forward to is a tangle of different laws in each state making the whole thing an impossible mess, like the copyright laws.

Not necessarily ... California already started to dissect NY BitLicense for it's own copy and we should probably expect very similar set of rules coming out of other states.

[ragi]

What is going to happen now? Gemini? Or something even bigger?

[Kprawn]

This is not about regulation, it's about opening a NEW income source. You can regulate something without having to charge people $5000 per pop!

So the basement dweller with NO income will be locked away, if he/she does not adhere to these regulations.. Where did Bill Gates and Mark Shuttleworth and those guys start out?

Would they have had $5000 back then? We all know how difficult it is to get early investment for startups. In reality they are killing innovation and entrepreneurship.