4 ms·
Very misleading title. Exemption from licensing requirements. The following Persons are exempt from the licensing requirements otherwise applicable under this
by tgflynn 11y ago
Very misleading title.
Exemption from licensing requirements. The following Persons are exempt from the licensing
requirements otherwise applicable under this Part:
(1)
Persons that are chartered under the New York Banking Law and are approved by the superintendent
to engage in Virtual Currency Business Activity; and
(2)
merchants and consumers that utilize Virtual Currency solely for the purchase or sale of goods or
services or for investment purposes.
EDIT: Also its not a law but a regulation created by the NYS financial regulatory agency under existing state statutes.
- heapcity 11y agoWho does it apply to then?
- deleted 11y ago[deleted]
- icebraining 11y agoThat's an exemption from the license.
- tgflynn 11y agoAside from exchanges and sites that hold other people's bitcoins that's a good question. It seems like it all depends on how they interpret "for investment purposes". A broad interpretation would seem to cover most uses, such as trading on localbitcoins.com. However localbitcoins.com decided on its own to disallow use by NYS residents after this regulation came out.
- protomyth 11y agoSo, if you mine bitcoins you need a license?
- ceejayoz 11y agoYou could probably argue that falls under "for investment purposes".
- mtinkerhess 11y agoSo what does that leave? Do you need the licence to mine?
- tgflynn 11y agoI believe Lawsky made statements to the effect that you do not. However I don't think there's anything in the regulation itself that explicitly addresses mining.
- deleted 11y ago[deleted]
- Karunamon 11y agoSounds like this only applies to exchangers then, because #2 covers 99% of use cases. Still, $5k license, jeez. What a ripoff.
- sctb 11y agoWe updated the title from “New York passes law requiring people to get $5k license to use Bitcoins”.