Decentralized Currency Issuers May Still Require License - page 2.

tokeweed

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Quote from: username18333 on May 16, 2015, 12:48:48 AM

Quote from: tokeweed on May 16, 2015, 12:08:14 AM

But what about POW coins.. There was no issuer, the coines were mined.

A miner of a cryptographic currency, upon transferring ownership of the "mined" currency, would, presumably, be considered (at least, under the law being discussed) a "distributor" of the currency.

There has to be a legal loophole there.

username18333

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Quote from: tokeweed on May 16, 2015, 12:08:14 AM

But what about POW coins.. There was no issuer, the coines were mined.

A miner of a cryptographic currency, upon transferring ownership of the "mined" currency, would, presumably, be considered (at least, under the law being discussed) a "distributor" of the currency.

tokeweed

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Quote from: ShelbyDev on May 14, 2015, 01:37:18 PM

This is not fun stuff but hard to ignore.

For who's interested about regulation proposals in the US: this article is a bit dated (Feb 2015) but probably still relevant:

"Decentralized Currency Issuers May Still Require License - The first draft of the BitLicense stated that, “controlling, administering, or issuing a Virtual Currency” qualifies as Virtual Currency Business Activity subject to licensing. This remains unchanged in the new draft, and that’s unfortunate."
https://coincenter.org/2015/02/our-initial-thoughts-on-new-yorks-revised-bitlicense-proposal/

I'm not sure how things are going in Europe but I would guess regulation proposals will be fairly similar. From reading multiple articles it sounds like the biggest requirement to get legal will be "KYC" or Know Your Customer.

It's not a matter of "if", but "when" and if we can come up with a system that satisfies some of those requirements we can have a chance to play, otherwise it looks like much of the innovations will be pushed underground.

EDIT: here's the full text of the first New York proposed regulations: http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

Any thoughts?

But what about POW coins.. There was no issuer, the coines were mined.

username18333

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Quote from: muddafudda on May 15, 2015, 03:21:22 AM

Coins can be released with full anonymity.

And are likely to achieve ubiquity therefor. Roll Eyes

ShelbyDev

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Quote from: muddafudda on May 15, 2015, 03:21:22 AM

Yeah it's quite frankly a joke. Coins can be released with full anonymity.

I agree with all of this and indeed coins can run anonymously... just wondering the effect on alt coin developments once licensing becomes a requirement to stay on the legal side of the law.

One of the issues that keeps coming up is the "KYC" aspect to prevent money laundering (is the governments argument). But I guess once you know your customer, there's no more anonymity.

Is there a balance possible?

muddafudda

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Quote from: kelsey on May 15, 2015, 03:18:45 AM

decentralised requiring a licience lol you do know the whole point of decentralisation?

Yeah it's quite frankly a joke. Coins can be released with full anonymity.

kelsey

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decentralised requiring a licience lol you do know the whole point of decentralisation?

username18333

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Quote from: muddafudda on May 15, 2015, 12:39:27 AM

Only a very small amount of people in the world reside in New York.

Likewise, the financial life of New York is irrelevant as well. Roll Eyes

muddafudda

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Quote from: username18333 on May 15, 2015, 12:38:25 AM

Quote from: muddafudda on May 15, 2015, 12:29:35 AM

It's America, who cares?

The government of the State of New York (or [perhaps, more precisely] its lobbyists) likely does

Only a very small amount of people in the world reside in New York. I think it's a joke and makes the American financial system look like a bit of a joke.

username18333

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Quote from: muddafudda on May 15, 2015, 12:29:35 AM

It's America, who cares?

The government of New York (or [perhaps, more precisely] its lobbyists) likely does.

muddafudda

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It's America, who cares?

adhitthana

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Does Satoshi need one too?

username18333

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Quote from: username18333 on September 09, 2014, 05:37:04 PM

Great Empire Coin™ (GEC) is the official currency of Great Empire of Earth, is divisible into cents and mills, and has denominations of mega-, terra-, and exacoins. Earth has a heterarchical monetary authority: anyone may “mint” coins through an official channel (e.g., Writcoin) and have these coins certified “Great Empire Coin (GEC)” by the Empire.

Great Empire of Earth > (The) United Nations > (The) United States of America > (The) State of New York

ShelbyDev

newbie

Activity: 40

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This is not fun stuff but hard to ignore.

For who's interested about regulation proposals in the US: this article is a bit dated (Feb 2015) but probably still relevant:

"Decentralized Currency Issuers May Still Require License - The first draft of the BitLicense stated that, “controlling, administering, or issuing a Virtual Currency” qualifies as Virtual Currency Business Activity subject to licensing. This remains unchanged in the new draft, and that’s unfortunate."
https://coincenter.org/2015/02/our-initial-thoughts-on-new-yorks-revised-bitlicense-proposal/

I'm not sure how things are going in Europe but I would guess regulation proposals will be fairly similar. From reading multiple articles it sounds like the biggest requirement to get legal will be "KYC" or Know Your Customer.

It's not a matter of "if", but "when" and if we can come up with a system that satisfies some of those requirements we can have a chance to play, otherwise it looks like much of the innovations will be pushed underground.

EDIT: here's the full text of the first New York proposed regulations: http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

Any thoughts?

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