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Offline Akado

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Found this post on bitcointalk. Does it apply to BitShares?

https://bitcointalk.org/index.php?topic=1060676.0

This is not fun stuff but hard to ignore.

For who's interested about regulation proposals in the US: this article is a bit dated (Feb 2015) but probably still relevant:

"Decentralized Currency Issuers May Still Require License - The first draft of the BitLicense stated that, “controlling, administering, or issuing a Virtual Currency” qualifies as Virtual Currency Business Activity subject to licensing. This remains unchanged in the new draft, and that’s unfortunate."
https://coincenter.org/2015/02/our-initial-thoughts-on-new-yorks-revised-bitlicense-proposal/

I'm not sure how things are going in Europe but I would guess regulation proposals will be fairly similar. From reading multiple articles it sounds like the biggest requirement to get legal will be "KYC" or Know Your Customer.

It's not a matter of "if", but "when" and if we can come up with a system that satisfies some of those requirements we can have a chance to play, otherwise it looks like much of the innovations will be pushed underground.

EDIT: here's the full text of the first New York proposed regulations: http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

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Offline Pheonike

Re: Decentralized Currency Issuers May Still Require License
« Reply #1 on: May 14, 2015, 06:58:56 PM »


Once we get any significant volume they are going to enforce it. It's not about being legal, it's about what they can control.

Offline topcandle

Re: Decentralized Currency Issuers May Still Require License
« Reply #2 on: May 14, 2015, 07:03:46 PM »
Any UIA is not a newly created currency? Its all still bitshares beneath. 
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Offline davidpbrown

Re: Decentralized Currency Issuers May Still Require License
« Reply #3 on: May 14, 2015, 07:50:23 PM »
The BoE rep today made a comment to the effect that there is a choice to be made between being unregulated and small or regulated and accessing 100's of millions of users. The authorities who are tasked with providing stability will have a hard time understanding that confidence can come from the blockchain and not from regulation. I expect the big winners will be those who in the short term do acknowledge basic AML and KYC. No systems like discontinuity.. you can't expect to jump from what we have to what we want, all in one. That said, BoE and UK do appear to understand that blockchain technology needs new regulation not just the old.. that's where they are doing their homework to resolve what realistic options are.
« Last Edit: May 14, 2015, 07:52:09 PM by davidpbrown »
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jakub

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Re: Decentralized Currency Issuers May Still Require License
« Reply #4 on: May 15, 2015, 08:13:44 AM »
I expect the big winners will be those who in the short term do acknowledge basic AML and KYC. No systems like discontinuity.. you can't expect to jump from what we have to what we want, all in one.
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