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neurotypical
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June 03, 2015, 03:53:42 PM |
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So Lawsky finally delivered at last? Would like a TL;DR version in lawman terms for the common folk that isn't into the bureaucratic jargon.
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LiteCoinGuy
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June 03, 2015, 03:58:28 PM |
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hopefully there will be a video soon.
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coinpr0n
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June 03, 2015, 04:01:51 PM |
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So Lawsky finally delivered at last? Would like a TL;DR version in lawman terms for the common folk that isn't into the bureaucratic jargon.
I have no idea how to read these things. I'd appreciate a TLDR too. This one seems to be important: Section 200.3 License (a) License required. No Person shall, without a license obtained from the superintendent as provided in this Part, engage in any Virtual Currency Business Activity. Licensees are not authorized to exercise fiduciary powers, as defined under Section 100 of the Banking Law. (b) Unlicensed agents prohibited. Each Licensee is prohibited from conducting any Virtual Currency Business Activity through an agent or agency arrangement when the agent is not a Licensee. (c) Exemption from licensing requirements. The following Persons are exempt from the licensing requirements otherwise applicable under this Part: (1) Persons that are chartered under the New York Banking Law and are approved by the superintendent to engage in Virtual Currency Business Activity; and (2) merchants and consumers that utilize Virtual Currency solely for the purchase or sale of goods or services or for investment purposes.
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RodeoX
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June 03, 2015, 04:02:00 PM |
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Apparently Ben Lawsky is now offering consulting to help businesses navigate his 44 pages of rules. This is highly unethical and a better law would not allow this. Unfortunately the BF fell apart as efforts were underway to rein in some of this regulation. Without a lobby group I think we may see this pattern repeated state after state.
Lawmakers makes up laws > Lawmaker quits and receives payment for explaining the law.
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LFC_Bitcoin
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June 03, 2015, 04:03:29 PM |
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I don't want to click on the link to be honest, can somebody C&P the text into this thread please? So is this it then, has Lawsky finally delivered? Is bitcoin now regulated in NYC or is this yet another 'final draft'. If it is then it's another load of rubbish.
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MicroGuy
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June 03, 2015, 04:05:21 PM |
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I don't want to click on the link to be honest, can somebody C&P the text into this thread please?
I would but its 44 pages long. lol
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12345mm
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June 03, 2015, 04:21:31 PM |
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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 ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) 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.
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knight22 (OP)
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June 03, 2015, 04:22:30 PM |
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Here a video that explains the changes from the latest version: http://shotcallin.pbworks.com/w/file/fetch/97011516/Ben-Lawsky-NYS-SFS-Unveils-Changes-to-Final%20version-of-BitLicense-June-3-2015.mp3tl;dr according from someone on reddit: "Big changes" according to lawsky 1. No prior approval for non-material changes necessary. However, if a firm is licensed as a wallet service and begins to operate as an exchange service for example, that constitutes a material change. 2. No regulation of software developers; regulation will only apply to entities holding assets. 3. No requirement for duplicative applications for a bitlicense and money transmitter license. 4. Firms will have access to a one-stop-shop submission of information. Companies that already file suspicious activity reports with entities like FINCEN do not need to duplicate reports, as DFS already has access to those reports. 5. Companies do not need approval to raise money for a new round of funding unless they are acting as a "control person," i.e. an activist board member or investor. http://www.reddit.com/r/Bitcoin/comments/38dgcm/livestream_nydfs_ben_lawsky_on_digital_currency/cru8yrmAdded to OP
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LiteCoinGuy
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June 03, 2015, 04:50:37 PM |
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thx knight22. seems to be okay. far better than i expected 1 year ago.
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spud21
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June 03, 2015, 04:55:57 PM |
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Not quite, the license text says "Virtual Currency Business Activity means .......... issuing a Virtual Currency". That puts the boot into all the IPOs we had for NXT clones, and Bitcoin clones. However, it seems like the Bitcoin devs are safe and don't have to pay millions of dollars out for a license.
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BillyBobZorton
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June 03, 2015, 05:44:40 PM |
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I don't want to click on the link to be honest, can somebody C&P the text into this thread please? So is this it then, has Lawsky finally delivered? Is bitcoin now regulated in NYC or is this yet another 'final draft'. If it is then it's another load of rubbish.
What's the problem with clicking on the link? I don't think we can post that thing here in text, it's 44 pages and thousands of lines, it will not fit in a post im afraid.
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spud21
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June 03, 2015, 05:47:42 PM |
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I don't want to click on the link to be honest, can somebody C&P the text into this thread please? So is this it then, has Lawsky finally delivered? Is bitcoin now regulated in NYC or is this yet another 'final draft'. If it is then it's another load of rubbish.
What's the problem with clicking on the link? I don't think we can post that thing here in text, it's 44 pages and thousands of lines, it will not fit in a post im afraid. Bitcoin companies have 45 days to comply from the date on license, after that bitcoin will be regulated in NYC, but I don't know what date on the license yet.
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jeannemadrigal2
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June 03, 2015, 06:24:47 PM |
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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 ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) 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.
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defaced
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June 03, 2015, 06:39:27 PM |
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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 ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) 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. you are a saint.
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crazyivan
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June 03, 2015, 08:01:17 PM |
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Now we re talking, very nice.
Now we can hope for the Wall Street guys to start looking out way.
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Meuh6879
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June 03, 2015, 09:03:30 PM |
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business must pay to use bitcoin. JOKE OF THE YEAR.people are really, really dump to ... accept this.
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spud21
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June 03, 2015, 09:16:09 PM |
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I have seen mixed reactions and I can't really tell if it's good or bad at this time, it all depends on how it works out in reality.
If a single $5,000 license allows you to operate in all states and territories of the U.S. it's fair enough IMO.
No, the $5,000 is a non-refundable application fee. I'm not certain what the license itself costs, but someone said it might be $50 thousand. Also, I think it only covers New York and you would need a separate money transmitter license from each state to do big business over the whole USA. Section 200.5 Application fees As part of an application for licensing under this Part, each applicant must submit an initial application fee, in the amount of five thousand dollars, to cover the cost of processing the application, reviewing application materials, and investigating the financial condition and responsibility, financial and business experience, and character and general fitness of the applicant. If the application is denied or withdrawn, such fee shall not be refunded. Each Licensee may be required to pay fees to the Department to process additional applications related to the license.
<snip>
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futurebit640
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June 04, 2015, 03:02:42 AM |
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the really interesting news here was that he expects that a single NYC bitlicense will be enough to operate in all other states.
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MicroGuy
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June 04, 2015, 03:05:42 AM |
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the really interesting news here was that he expects that a single NYC bitlicense will be enough to operate in all other states.
I just hope Lawsky drafts a new "Satoshi License" before it's too late and we all get "the alert to ends all alerts." ![Kiss](https://bitcointalk.org/Smileys/default/kiss.gif)
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