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Author Topic: can I mine and hold bitcoin in NY with bitcoin license as it is?  (Read 1451 times)
techman05
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August 22, 2014, 12:48:21 AM
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I was thinking of buying some mining products but with at least btc guild it seems it would be illegal to mine with at least  them with bitcoin licensing in NY. I have to see if this is the same for others or if there's a safe way to mine legally in NY if this its implemented as it sounds

Thanks for any head up and if there's a post with proper facts please post on that as well.

ME

Like the info address for potential tips Wink
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* http://www.miningrigrentals.com/register?ref=563
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itsAj
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August 23, 2014, 06:43:23 PM
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There is nothing in the NY proposed regulations that would affect any person that simply mines and/or holds bitcoin on their own behalf. The NY regulations only affect people that hold bitcoins on behalf of others and who trade bitcoin for fiat in the state of NY.
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August 23, 2014, 06:52:03 PM
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There is nothing in the NY proposed regulations that would affect any person that simply mines and/or holds bitcoin on their own behalf. The NY regulations only affect people that hold bitcoins on behalf of others and who trade bitcoin for fiat in the state of NY.

... or convert one virtual currency for another
... or operate a mining pool (w/ exception of pools like eligius)
... or possibly even creating a new cryptocurrency.

Quote
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.
http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf
bigasic
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August 23, 2014, 06:54:56 PM
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What worries me about this NY license thing is that other states or countries will probably adapt the same rules/regulations, so while I don't live in NY, I have a strong feeling that the results will effect me somehow. So, I think whatever they decide will effect the whole bitcoin ecosystem.
techman05
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August 23, 2014, 09:20:19 PM
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There is nothing in the NY proposed regulations that would affect any person that simply mines and/or holds bitcoin on their own behalf. The NY regulations only affect people that hold bitcoins on behalf of others and who trade bitcoin for fiat in the state of NY.

I took it through the eyes of btcguild and considered them my holding till I tell them to send it to me. He seemed to specify in his info posts that he'd have to prevent people under this rule from mining to not be against this if this becomes a law.

I took that to affect other pools.I thought it might mean I have to solo mine and not use places like coinbase or cryptsy to trade out of.

Those may not be the case but when I first saw this legalese I said alot of explicitives to what this may mean. I've stopped planning for any mining expansion till I read a good chunk of what the bill says.

Like the info address for potential tips Wink
BTC 1CL5BnNhdL2wDVmSDwMbW1cNhZew87CAPV
* http://www.miningrigrentals.com/register?ref=563
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