there is a huge grey area here and it will likely be addressed in the coming months. just my 2 cents
Topic: I feel it is my duty to warn you all. - page 5. (Read 5290 times)
I just wonder how long a tip like that will take to trickle thru the Japanese system before anything would be done. likely there is no precedent for something like this either. as much as people call bitcoin a currency it is really not and is not subject to the same financial standards and laws. for instance could i get that same agency involved if someone stole all my wow gold it is effectively the same concept and is a "digital currency" as well.
there is a huge grey area here and it will likely be addressed in the coming months. just my 2 cents
there is a huge grey area here and it will likely be addressed in the coming months. just my 2 cents
Fair enough. Why do you think I have not started an exchange in UK? Yep, could not afford or raise 200-500k£ required to get FSA license and cover compliance costs.
I cannot post outside this area, but perhaps some of you might benefit from what I have to say.
I work in finance for an international NGO and have been watching this bitcoin saga unfold with some academic curiosity and no small level of entertainment. I have no problems with bitcoin as a concept, and the agencies and governments I work with have little concern aside from its potential use as a medium for money laundering, though even in this respect it is still a very minor one given the tiny size of the bitcoin economy relative to that of other illicit financial activities. On the list of priorities, it isn't. So you all have no need for worry there from what I have heard.
However.
This is a world with laws. The frankly hilarious incompetence with which MtGox has been operating cannot be allowed to continue. Regulation, no matter what some of you seem to think of it, exists for a reason, and it is to prevent things such as this. Had there been accurate reporting, disclosure, meeting of capital requirements, self-regulatory structure and organization, safeguards against market manipulation, and so on, perhaps this all could have been avoided. It is for this reason that I contacted a colleague with the Japanese Financial Services Agency, who will be investigating MtGox for operating in violation of the Financial Instruments and Exchange Law. Their criminal negligence will end up costing many of you money; hopefully my warning here and swift action by the Japanese authorities will minimize that.
Enjoy.
I work in finance for an international NGO and have been watching this bitcoin saga unfold with some academic curiosity and no small level of entertainment. I have no problems with bitcoin as a concept, and the agencies and governments I work with have little concern aside from its potential use as a medium for money laundering, though even in this respect it is still a very minor one given the tiny size of the bitcoin economy relative to that of other illicit financial activities. On the list of priorities, it isn't. So you all have no need for worry there from what I have heard.
However.
This is a world with laws. The frankly hilarious incompetence with which MtGox has been operating cannot be allowed to continue. Regulation, no matter what some of you seem to think of it, exists for a reason, and it is to prevent things such as this. Had there been accurate reporting, disclosure, meeting of capital requirements, self-regulatory structure and organization, safeguards against market manipulation, and so on, perhaps this all could have been avoided. It is for this reason that I contacted a colleague with the Japanese Financial Services Agency, who will be investigating MtGox for operating in violation of the Financial Instruments and Exchange Law. Their criminal negligence will end up costing many of you money; hopefully my warning here and swift action by the Japanese authorities will minimize that.
Enjoy.
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