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New York State Proposes Sweeping Bitcoin Regulations

Posted by samzenpus on from the we've-got-some-rules-around-here dept.

An anonymous reader writes On Thursday, Benjamin M. Lawsky, the superintendent of financial services, announced proposed regulations for virtual currency companies operating in New York. The "BitLicense" plan, which includes rules on consumer protection, the prevention of money laundering and cybersecurity, is the first proposal by a state to create guidelines specifically for virtual currency. "We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity—without stifling beneficial innovation," he said in a statement.

8 of 121 comments (clear)

  1. Translation by Anonymous Coward · · Score: 5, Insightful

    "We have sought to strike a regulatory balance so that we can collect taxes from this growing industry without killing the golden, tax-paying goose."

    1. Re:Translation by ArcadeMan · · Score: 3, Insightful

      Translation translation translation:

      People are a problem. - Douglas Adams

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    2. Re:Translation by Yoda222 · · Score: 4, Funny

      Anyone with an IQ above room temperature

      Kelvin or Celsius ?

  2. Interstate Commerce Clause by pubwvj · · Score: 4, Insightful

    NY State may run afoul of the Interstate Commerce Clause which bans them from interfering with the Universe outside their borders.

    1. Re:Interstate Commerce Clause by Ralph+Wiggam · · Score: 3, Insightful

      NY has a unique position among states because so many finance-related companies are headquartered there.

  3. Re:The Death of Bitcoin? by Eddi3 · · Score: 5, Insightful

    Bitcoin is inherently the opposite of anonymous. Every single transaction is forever part of the blockchain, free for anybody and everybody to download, and even compulsory if you want to have a local wallet.

    The only way to anonymize your coin is to use a service which mixes up your coins so that it's nearly impossible to trace where they went once they go into the system.

  4. Thanks, but no thanks by h4ck7h3p14n37 · · Score: 3, Insightful

    we believe that setting up common sense rules of the road is vital to the long-term future of the virtual currency industry, as well as the safety and soundness of customer assets.(We think the situation at Mt. Gox, for example, made that very clear.)

    It seems to me the Bitcoin community has been doing just fine without regulatory "assistance". Sure some people got burned by Mt. Gox, but I'm okay with that being one of the risks if it allows me to avoid government meddling. The State is a hell of a lot more of a threat to me than some shyster like Karpeles.

  5. Virtual currencies? by ArcadeMan · · Score: 3, Insightful

    It sounds so broad as to include my Final Fantasy XI gil, World of Warcraft gold and Star Trek Online credits.

    Will they try to tax my Steam achievements too?

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