NY BITCOIN LICENSE REGULATIONS ARE HERE

[yomofo]

http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

[RodeoX]

You can't show us a little of what your link is? I don't click on random pdf files.

[Torque]

Here's the press release:

http://www.dfs.ny.gov/about/press2014/pr1407171.html

[becoin]

Superintendent Lawsky said: “We recognize that – as the first state to put forward specially tailored rules for virtual currency firms – continued public feedback will be an important part of finalizing this regulatory framework. We look forward to carefully and thoughtfully reviewing public comments on our proposal.”

What is the definition for a virtual currency firm?

Receiving or transmitting virtual currency on behalf of consumers;

Every ISP should be a virtual currency company?

[Freenhult]

Superintendent Lawsky said: “We recognize that – as the first state to put forward specially tailored rules for virtual currency firms – continued public feedback will be an important part of finalizing this regulatory framework. We look forward to carefully and thoughtfully reviewing public comments on our proposal.”

What is the definition for a virtual currency firm?

I'm not sure they really know what they are talking about 100%. Seems to me this should be implemented with Cash because that's pretty anonymous and has a diverse, rich history of money laundering. But we're not supposed to know that, so Thanks for regulating something else out of existence NY. We can only hope the neighboring states have wider arms because they'd benefit more now that NY is squeezing.

[wingsfan23]

Everything looks pretty standard. I don't really like this section however, and I'm not sure how it can be enforced...

Records of Virtual Currency transactions.
Each Licensee shall maintain the following information for all transactions involving the payment, receipt, exchange or conversion, purchase, sale, transfer, or transmission of Virtual Currency: the identity and physical addresses of the parties involved, the amount or value of the transaction, including in what denomination purchased, sold, or transferred, the method of payment, the date(s) on which the transaction was initiated and completed, and a description of the transaction.

[JimNastics]

45 day comment period, which will go by in no time. After then, any thoughts how long until the regs are in play?

[Ibian]

Notice to bears: This Is Actually Good News™.

[dgarcia]

Notice to bears: This Is Actually Good News™.

To bears, to bulls. To cowboys and to indians:

It's nothing more than as expected. Neutral.

Nodding, next news pls.

[theonewhowaskazu]

This changes nothing. Only news is that we might be on the news, lol.

[Torque]

This changes nothing. Only news is that we might be on the news, lol.

No, say it ain't so!  According to everyone, this news and looming ETF news was supposed to take us to the moon!!

[elux]

This changes nothing. Only news is that we might be on the news, lol.

History will prove you wrong, friend.

This changes the game... for... who? Businesses and financial institutions in the world's #1 financial hub.

This means existing financial entities are getting the necessary go-ahead from regulators.

This means they are getting an onboarding path for working with Bitcoin.

This means Financial technology startups are going to base out of New York instead of California.

Less than a year ago, before the senate hearings, Bitcoin being effectively outlawed in the United States was totally plausible.

And now look where we are...

Maybe nothing changes to you, right now, but in the big picture of things, this is as crucial as it gets.

[dgarcia]

This changes nothing. Only news is that we might be on the news, lol.

No, say it ain't so!  According to everyone, this news and looming ETF news was supposed to take us to the moon!!

Is this not the same as with all news?

[dgarcia]

This changes nothing. Only news is that we might be on the news, lol.

History will prove you wrong. This changes the game for financial institutions in the world's #1 financial hub.

Financial technology startups are going to base out of New York instead of Silicon Valley or Frankfurt, or London, or...

Maybe that's right, but is this news more than what was already expected? In the longer term this could realy matter by the further progress of adoption and development ...

...but for now? Nothing.

[jl2012]

You can't show us a little of what your link is? I don't click on random pdf files.

It's a .gov site.

[jl2012]

Notice to bears: This Is Actually Good News™.

To bears, to bulls. To cowboys and to indians:

It's nothing more than as expected. Neutral.

Nodding, next news pls.

It's not over-regulated, so it's bullish

[elux]

You can't show us a little of what your link is? I don't click on random pdf files.

It's a .gov site.

*puts on tinfoil hat*

...Exactly.

[JimNastics]

History will prove you wrong, friend.

This changes the game... for... who? Businesses and financial institutions in the world's #1 financial hub.

What's this got to do with London?

[alex0909]

You can't show us a little of what your link is? I don't click on random pdf files.

It's a .gov site.

*puts on tinfoil hat*

...Exactly.

I see what you did here  

Bullish news, but not sure if it will have a great impact

[Hyena]

sweet, time for my domains to go to the moon!!!!

NEWYORKBITCOINLICENSE.COM
NEWYORKBITLICENSE.COM
NEWYORKBITLICENSES.COM
NYBITCOINLICENSE.COM
NYBITLICENSE.COM
NYBITLICENSES.COM

wtf? why would such domain names be of any value?