New York imposes a permit for Crypto companies

[DapanasFruit]

New York is the best example of how the government can be able to regulate a certain industry to the extend that it is already virtually choking it with so many requirements that must be submitted before one can do business. You are not only overtaxed here, the policies can be changed anytime those in power wish to do so. Now, what is the best thing to do? Get out of New York and go somewhere else where regulations can be really friendly like Texas or maybe Florida which are politically under the influence of the conservatives. I am sure there is a bigger market away from New York.

[tygeade]

you dont need to physically exist in NY to be beholdened to needing a licence just to serve NY customers.
so in the entire world of thousands of businesses.. only 30 have succeeded in getting a bitlicence to serve NY citizens. the other THOUSANDS of businesses have to IP ban NY customers and reject serving customer that reveal that they live in NY

yet. an exchange can serve texas customers with no need to get licenced. because texas does not view crypto as a currency nor money.

oh.. and by the way. NY does recognise crypto as currency and money. so not only do you need a bit licence for the bitcoin side, but also a money transmitter licence for the fiat side.

i see texas as being more bitcoin friendly...
.. the fatal flaw of bitcoin was when it was reclassified as a currency/money instead of a asset product.
being an asset product, services are treated just as retailers when doing swaps for fiat. (the route texas currently sees it)
being a currency/asset triggers the whole fiat licencing(many states including NY) but NY has a separate licence ontop of the fiat licence requirements

Texas and California is definitely much better, it allows people to be a lot more free when getting a license, and it allows people to grow. Coinbase is a company based in California and they had a stock listing last year, that should show you how much you can grow when you are there. They got listed in Nasdaq if I am not wrong, which proves to everyone that we are talking about a great growth rate if you are there.

New York is losing customers and money this way, it is not something they should be proud of, I mean not like these companies are amazon like places, they are actually paying their employees good and allow people to make money as well.

[Hypnosis00]

The government is now pushing itself to get involved and be a part of cryptocurrency. It was really understood not just they want to minimize the growing scamming and fraud incident who are using digital currencies but what I see is that they are aiming to have full control of the market and then have the power to manipulate and collect taxes.

Well, I'd see this having a huge impact on crypto adoption there in NYC. This will not even encourage small establishments to offer acceptance of crypto.

[franky1]

part of bitlicence is that those financial institutions with banking charters do not need a bitlicence, meaning that banks could easily offer crypto services without any extra expense of compliance in regards to crypto.
this will certainly cause banks to be more competitive than smaller businesses trying to start up in the crypto space.

its much like the SEC is holding off on offering 'spot price' ETF's because i feel they are waiting for an institutional bank/financial firm to set up their collateral to then offer a ETF whereby the 'old boys club' institutions get to monopolise the market while adding hurdles for outsiders

one idea is that greyscale(blockstream) which is partnered with many of the wallstreet old boys is lined up to take the top spot of the the first ETF.. rather than say the winklevoss twins

[Kakmakr]

This is nothing new...

The license was introduced and designed by Benjamin Lawsky, New York's first Superintendent of Financial Services, in July 2014. He made this application for the BitLicense so complex that it was almost impossible for businesses to apply for it, without "consultant" assistance. Guess what happened next.... he joined a consultant firm that charged people to help them with the applications for the BitLicense. 

The BitLicense was created for two reasons... He wanted to create a complex application process to enable a situation where there was a barrier to entry to slow Bitcoin down and he knew he wanted a back door job, if he was not elected as the Superintendent of Financial Services again.