

New York Department of Financial Services: Virtual Currency Regulations [pdf] - nadams
http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf

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tgflynn
Very misleading title.

 _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._

EDIT: Also its not a law but a regulation created by the NYS financial
regulatory agency under existing state statutes.

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mtinkerhess
So what does that leave? Do you need the licence to mine?

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tgflynn
I believe Lawsky made statements to the effect that you do not. However I
don't think there's anything in the regulation itself that explicitly
addresses mining.

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afarrell
This seems to be intended to apply to people operating exchanges like Mt.Gox,
not lay consumers and merchants. Of course, it's possible they've drafted it,
but this part of page 6 seems pretty clear:

Section 200.3 License... (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.

We should get an actual lawyer to evaluate this, which I am not.

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jeremyw
The license fee is only a minor portion of your internal would-be licensing
cost; think of it as an agency rate-limiter. This tweet mentions $100K, before
insurance bonds, but others have estimated more.

[https://twitter.com/DCGco/status/629703816687038465](https://twitter.com/DCGco/status/629703816687038465)

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nadams
Here is more information:

[http://www.coindesk.com/ny-bitcoin-business-45-days-
bitlicen...](http://www.coindesk.com/ny-bitcoin-business-45-days-bitlicense/)

[https://act.eff.org/action/stop-the-
bitlicense](https://act.eff.org/action/stop-the-bitlicense)

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mrschwabe
Laughable, but not surprising. This is just the kind of thing the Bitcoin
community has predicted governments would do in an attempt to
stifle/delay/prevent any potential financial revolution; to protect their fiat
money printing monopolies.

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jkkrrk
what?? how is that possible?

~~~
ceejayoz
How is it _not_ possible?

