NY can prosecute people halfway around the world? Has this actually happen yet?
The regulations have not gone into effect yet. But given the total absolute craziness of what NY is doing here, and the fact that Rick Perry and Texas have explicitly said "No Regulation for Bitcoin" the contrast is so striking that I can't but bring up these comparison facts.
http://techcrunch.com/2014/07/21/new-york-to-bitcoin-startups-get-permission-or-get-out/
So what exactly do the BitLicense regulations cover? Here are some of our (least) favorite things that they would require small startups to do:
Submit fingerprints of all founders (and employees) to the FBI and disclose personal financial information of founders and officers to NY State.
Require them to hold an undetermined amount of U.S. dollar funds in bonds or trusts. Startups will not be able to predict the bonding or capitalization requirements until after they apply, making it difficult to project expenses or raise money.
Conduct expensive audits and security testing that no small startup could afford.
Hand over any untouched user assets to NY State after five years as “abandoned property.”
Worse, the regulations would require every bitcoin and virtual currency-related startup to get permission from NY state before releasing any new product or service. So yes, if I have a bitcoin technology startup and I want to start selling T-shirts, I would have to get the permission of the state of New York
Does this mean we can start bitcoin business in Texas without having to comply to NY bitlicense?
Price 10.00
Shipping 5.95
Total 15.95
Method of payment:
MC/Visa
AE
Paypal
Bitcoin (NOT available in NY)
Or like the entry page on porn sites:
Are you over 18 ____ Yes ____ No
Here it would be
Are you a resident of NY _____ Yes ____ No