but bitcoin has no country. so bitcoin is not based in new york, those new york rules dont apply to navada
That's all true, unless you provide a service to NY resident. Quote from Lawsky's proposal:
(n) Virtual Currency Business Activity means the conduct of any one of the following types of activities involving New York or a New York Resident:
(1) receiving Virtual Currency for transmission or transmitting the same;
(2) securing, storing, holding, or maintaining custody or control of Virtual Currency on behalf of others;
(3) buying and selling Virtual Currency as a customer business;
(4) performing retail conversion services, including the conversion or exchange of Fiat Currency or other value into Virtual Currency, the conversion or exchange of Virtual Currency into Fiat Currency or other value, or the conversion or exchange of one form of Virtual Currency into another form of Virtual Currency; or
(5) controlling, administering, or issuing a Virtual Currency.
Whenever in the world you are, if you provide "virtual currency business activity" to NY resident, you're breaching NY state law. I've no idea what are the inter-state law agreements, you'll probably be safe in Nevada, as long as you're in compliance with their state law, but you may be up for an unpleasant surprise if you ever visit NY.
All the current pools/exchanges are young businesses, so likely many of them will be freaking out if there's even a sightliest risk that they may be facing court battle against NY state.
