adamstgBit
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June 03, 2015, 03:56:18 PM |
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well i think this was good news.
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empowering
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June 03, 2015, 03:56:59 PM |
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ChartBuddy
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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June 03, 2015, 03:57:30 PM |
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Fatman3001
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June 03, 2015, 03:58:17 PM |
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BITLISENZZE BITCHEZZZ!!!!
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empowering
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June 03, 2015, 04:00:43 PM |
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So Twinkies..... ermmm.......................... this ETF/ Gemini what's ermmm...... happening there then hmmm?
(also in the highly likely scenario that Gemini use a shuttle countdown gif.... well.......... you know........don't lose your shit)
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empowering
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June 03, 2015, 04:01:48 PM |
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Adios Lawsky.... welcome to the light side.
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Fatman3001
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June 03, 2015, 04:03:08 PM |
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So Twinkies..... ermmm.......................... this ETF/ Gemini what's ermmm...... happening there then hmmm?
(also in the highly likely scenario that Gemini use a shuttle countdown gif.... well.......... you know........don't lose your shit)
The Twinkletossers better get a move on now.
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tomothy
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June 03, 2015, 04:05:02 PM |
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So within the BTL some other interesting changes:
Capitalization/bonding, they struck explicit language and opted for a more flexible framework; bonding/insurance amounts based on an overall calculation of the business, which, to a certain extent is horrible as they do not explicitly mandate how they come to their calculations. concerning deposits, they use a similar approach where they look at the makeup of assets but no longer require them to be strictly held in USD/cash but a number of other options; still subject to commissioners discretion. so it looks more like a living guidebook to be used as a sword or a shield as the makers see fit. they will record every transaction for 7 years... along with any/all information associated with that... inaction for 5 years = abandoned property...
it does not necessarily eliminate coins designed to facilitate anonymity... so long as you record details of the sender and destination.. as it doesn't necessarily conceal/obfuscate but I'll admit this is a rather loose interpretation of the language
(g) No Licensee shall engage in, facilitate, or knowingly allow the transfer or transmission of Virtual Currency when such action will obfuscate or conceal the identity of an individual customer or counter-party. Nothing in this Section, however, shall be construed to require a Licensee to make available to the general public the fact or nature of the movement of Virtual Currency by individual customers or counter-parties.
Section 200.21 Transitional Period A Person already engaged in Virtual Currency Business Activity must apply for a license in accordance with this Part within 45 days of the effective date of this regulation. In doing so, such applicant shall be deemed in compliance with the licensure requirements of this Part until it has been notified by the superintendent that its application has been denied, in which case it shall immediately cease operating in this state and doing business with New York State Residents. Any Person engaged in Virtual Currency Business Activity that fails to submit an application for a license within 45 days of the effective date of this regulation shall be deemed to be conducting unlicensed Virtual Currency Business Activity.
All in all, it's not bad. The loose guidelines concerning bonding requirements/capitalization concern me the most. There is no clearly defined outline concerning properly calculating requirements but such an omission can cut both ways concerning smaller startups. I think a lot of this will depend on how the commissioner decides to enforce things. That 45 day on-ramp is interesting... So maybe some fireworks in August?
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mrkavasaki
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June 03, 2015, 04:05:30 PM |
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So what Is so Great about this bitlisence?
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dakota neat
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June 03, 2015, 04:07:38 PM |
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so many good news... awaiting the multi ten thousand insta dump
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empowering
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June 03, 2015, 04:07:44 PM |
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So what Is so Great about this bitlisence?
great or not is another matter.... but it provides some more clarity to the legal status of Bitcoin and for the businesses that wish to operate in the space, in NY city.... Clarity is good, it is better than uncertainty.
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adamstgBit
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June 03, 2015, 04:09:33 PM |
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So what Is so Great about this bitlisence?
banks everyone will feel better about dealing with BTC businesses that have a bitlicense.
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empowering
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June 03, 2015, 04:11:33 PM |
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So what Is so Great about this bitlisence?
banks everyone will feel better about dealing with BTC businesses that have a bitlicense. Indeed, it adds legitimacy in the eyes of certain players. It is another straw.
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macsga
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Strange, yet attractive.
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June 03, 2015, 04:16:29 PM |
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If you really want to know where the BTC price is heading, this might come handy: EU regulators tell 11 countries to adopt bank bail-in rulesBRUSSELS (Reuters) - The European Commission on Thursday gave France, Italy and nine other EU countries two months to adopt new EU rules on propping up failed banks or face legal action.
The rules, known as the bank recovery and resolution directive (BRRD), seek to shield taxpayers from having to bail out troubled lenders, forcing creditors and shareholders to contribute to the rescue in a process known as "bail-in".
The Commission drafted the rules in response to the financial crisis which started in 2008, giving the 28 countries in the European Union until the end of last year to apply them.
It said Bulgaria, the Czech Republic, France, Italy, Lithuania, Luxembourg, the Netherlands, Malta, Poland, Romania and Sweden had yet to fall in line.
"If they don't comply within two months, the Commission may decide to refer them to the EU Court of Justice," the EU executive said in a statement, referring to Europe's highest court based in Luxembourg.
(Reporting by Foo Yun Chee; editing by Adrian Croft)http://ca.reuters.com/article/businessNews/idCAKBN0OD14Z20150528
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cyclotronmajesty
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June 03, 2015, 04:16:49 PM |
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Rofl. He meant the OTHER 45 minutes.
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var53
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June 03, 2015, 04:17:24 PM |
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Do Gavin and the other devs have to comply with it, or pay for one? I had a quick read through and found the bit quoted below. Do Gavin and the other devs control, or administer a Virtual Currency? http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf(q) Virtual Currency Business Activity means the conduct of any one of the following types of activities involving New York or a New York Resident:
<snip> (5) controlling, administering, or issuing a Virtual Currency
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luckygenough56
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June 03, 2015, 04:27:04 PM |
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good news as bitcoin good news ?
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empowering
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June 03, 2015, 04:28:17 PM |
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So what Is so Great about this bitlisence?
banks everyone will feel better about dealing with BTC businesses that have a bitlicense. Indeed, it adds legitimacy in the eyes of certain players. It is another straw. Way to sell out to the banksters. /ignored.
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LFC_Bitcoin
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June 03, 2015, 04:29:08 PM |
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So it is true then, the BitLicense has finally landed? Will this be positive for the price in the short term, can we expect any upwards movement today? I was certain that we'd see a bit of a pump when this was finally approved & announced. Come on people now is time to buy surely before VC money comes flowing in.
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adamstgBit
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June 03, 2015, 04:34:22 PM |
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we've lost 1$ since this started
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