New York imposes a permit for Crypto companies - page 2.

noorman0

hero member

Activity: 1764

Merit: 694

[Nope]No hype delivers more than hope

Quote from: Wimex on April 10, 2022, 06:44:45 PM

-snip-
I believe that these measures will greatly benefit the country, generating more income, however many Crypto companies may be harmed.

It was foreseeable that the regulations would only be burdensome in terms of license fees and taxation. This should be big news, but if in reality it will make it more difficult for licensed companies to make a profit while on the other hand they have to get a license, then there are only 2 options, namely to apply for a license or leave the area.

avikz

legendary

Activity: 3080

Merit: 1500

Such kind of regulations will increase the expenses of crypto companies if they want to setup their offices in NY or any other states in US. Corporate and legal Compliance is usually expensive affair and not start-up friendly. If NY becomes very stringent on those rules, crypto companies will possibly move their jurisdictions or even countries.

But considering the integrity of crypto businesses and to keep the scams away from the cryptospace, regulation is necessary!

M.Antonio

jr. member

Activity: 148

Merit: 1

to many rules in NY

i mine and hold new york coin

i trade NYC with BTC . my gains i keep in BTC not in euros

Yogee

sr. member

Activity: 1526

Merit: 412

Quote from: Wimex on April 10, 2022, 06:44:45 PM

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There are those who oppose these restrictions, since they demand certain requirements, affecting their performance in the industry for not being able to register in the state.

They can object but why engage in the crypto business when they don't have the capital to begin with? It's important that they are liquid to be able to support or sustain their activity. The bitlicense capital requirement should be just a formality to them.

These are the individuals or companies affected by the rule by the way,

Quote

A person (whether an individual or a company) that engages in Virtual Currency Business Activity requires a BitLicense. Under 23 NYCRR 200.2(q), Virtual Currency Business Activity can fall into one of five types of activities involving New York or New Yorkers:

- receiving Virtual Currency for transmission or transmitting Virtual Currency;

- storing, holding, or maintaining custody or control of Virtual Currency on behalf of others;

- buying and selling Virtual Currency as a customer business;

- performing exchange services as a customer business; or

- controlling, administering, or issuing a Virtual Currency.

Taken from https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses/bitlicense_faqs

Wimex

full member

Activity: 618

Merit: 140

Both New York and the rest of the United States constantly involve cryptocurrencies in a regulatory framework in order to maintain control and benefit this territory as a whole, they have already imposed several regulations for the use of these digital currencies and now in the New York city the department of financial services aims for all cryptographic companies to have the BitLicense permit so that they can operate legally, with this the NYDFS will be able to work the same as with traditional financial institutions.

In addition, the department states that:

Quote

The expenses of each examination of the affairs of any person regulated under this chapter who engages in virtual currency business shall be borne and paid by the regulated person so examined.

There are those who oppose these restrictions, since they demand certain requirements, affecting their performance in the industry for not being able to register in the state. I believe that these measures will greatly benefit the country, generating more income, however many Crypto companies may be harmed.

Taking into account the new conditions of the State of New York, could some important crypto companies be left out?

SOURCE : https://beincrypto.com/new-yorks-crypto-regulation-takes-new-dimension-with-new-provisions/

Topic: New York imposes a permit for Crypto companies - page 2. (Read 252 times)