[2014-08-21] China’s ‘Big Three’ Bitcoin Exchanges: Would Harm Overse

[epere]

http://www.coindesk.com/china-bitcoin-exchanges-bitlicense-harm-overseas-markets/?utm_source=dlvr.it&utm_medium=gplus

China’s ‘Big Three’ bitcoin exchanges, OKCoin, BTC China and Huobi, have joined forces to submit feedback to Benjamin Lawsky, superintendent of the New York Department of Financial Services (NYDFS), regarding his agency’s recent BitLicense proposal.

[Kprawn]

If you consider that most of the USA are owned by foreign countries anyway, it might be better for them to consider these kind of statement seriously. 

Also consider how many foreign nationals are currently working in the USA and would want to use BTC as a payment and currency exchange method.

All these "red tape" and over regulation would exclude them from a multi billion dollar economy, called "Bitcoin"

[gmx95]

Why do they feel it is necessary to send their opinion? NY laws concern only NY and the US.

[mcgullen]

Why do they feel it is necessary to send their opinion? NY laws concern only NY and the US.

Except the BitLicense Proposal as drafted tries to cover the whole world.

[odolvlobo]

Why do they feel it is necessary to send their opinion? NY laws concern only NY and the US.

You would think that NY laws only concern NY, but that is not the reality.

[mcgullen]

Why do they feel it is necessary to send their opinion? NY laws concern only NY and the US.

You would think that NY laws only concern NY, but that is not the reality.

Exactly.

To be more precise, the actual NY Laws (the New York Financial Services Law) do concern only NY.  But the BitLicense Proposal, which is to be a regulation promulgated pursuant to the laws, will cover the entire world as drafted.

[PatMan]

The NSofA trying to regulate the whole worlds Bitcoin economy.........this will be the largest epic fail of all time