Coupon/voucher UIA's are exempt from BitLicense

[Permie]

http://cointelegraph.com/news/114514/bitlicense-exemption-a-huge-deal-for-ribbitrewards

"Digital units that can be redeemed for goods, services, discounts, or purchases as part of a customer affinity or rewards program with the issuer and/or other designated merchants or can be redeemed for digital units in another customer affinity or rewards program, but cannot be converted into, or redeemed for, Fiat Currency or Virtual Currency."

It seems that the regulators are likely to leave BitShares alone as UIA issuers can control their asset and apply KYC restrictions.

I wonder how having a free floating UIA that is tradeable against many crypto's will fit into their definitions.

but cannot be converted into, or redeemed for, Fiat Currency or Virtual Currency