Please brainstorm every rationale why you think Cryptonomex needs to apply for a BitLicense.
How might it apply to us and our partners?
What is the cost of a BitLicense, and is that cost sustainable in the current financial environment?Please brainstorm every rationale why you think Cryptonomex needs to apply for a BitLicense.
How might it apply to us and our partners?
Compliance is a long term strategic advantage and a short term competitive advantage. The fact that Bitshares allows for compliance is a long term competitive advantage.
What is the cost of a BitLicense, and is that cost sustainable in the current financial environment?Please brainstorm every rationale why you think Cryptonomex needs to apply for a BitLicense.
How might it apply to us and our partners?
Compliance is a long term strategic advantage and a short term competitive advantage. The fact that Bitshares allows for compliance is a long term competitive advantage.
When the government shows up at your place of business, you go ahead and give them the middle finger, I'd like to see that
(http://www.reactiongifs.com/r/O0oo0.gif)
If you want to engage in "Virtual Currency Business Activity" in the financial hub of the universe, you need a bitlicense.So long as there are no legal restrictions on further development etc
Section 200.3 License
(a) License required. No Person shall, without a license obtained from the superintendent as provided in
this Part, engage in any Virtual Currency Business Activity.
http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf
Bitlicense will give priceless credibility to cryptomomex and the BitShares network. It will have a salutary effect on the price of bts. Likewise, if you *don't* get a bitlicense, credibility will suffer, and price will not be informed by serious investors interested in a credible product.
It's all upside.
If you want to engage in "Virtual Currency Business Activity" in the financial hub of the universe, you need a bitlicense.So long as there are no legal restrictions on further development etc
Section 200.3 License
(a) License required. No Person shall, without a license obtained from the superintendent as provided in
this Part, engage in any Virtual Currency Business Activity.
http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf
Bitlicense will give priceless credibility to cryptomomex and the BitShares network. It will have a salutary effect on the price of bts. Likewise, if you *don't* get a bitlicense, credibility will suffer, and price will not be informed by serious investors interested in a credible product.
It's all upside.
So long as there are no legal restrictions on further development etc
So long as there are no legal restrictions on further development etc
And the costs are not too high to cripple development speed (due to lack of funds) by the nascent Cryptonomex.
And I thought Cryptonomex is only doing software development and consulting. Why should there be any need for a BitLicense in that case? If Cryptonomex does have greater plans that go beyond pure software development that may require such a license, wouldn't it be better to split that role off into another company to protect the development side of things?
So long as there are no legal restrictions on further development etc
And the costs are not too high to cripple development speed (due to lack of funds) by the nascent Cryptonomex.
And I thought Cryptonomex is only doing software development and consulting. Why should there be any need for a BitLicense in that case? If Cryptonomex does have greater plans that go beyond pure software development that may require such a license, wouldn't it be better to split that role off into another company to protect the development side of things?
As much as I hate to say it. If there is any question about whether or not you need a bitlicense, and the cost is at all reasonable, I would go ahead and get one.+5%
In my experience it is often better to pay for this "protection". After all, if you don't something bad might happen you know.
if it ever comes down to defending yourself you have to assume that you will already have been painted in the worst possible light, and dragged through the mud in the media. Having evidence that you attempted to comply with all stated rules at all times could make a big difference.
Looking over the BitLicense the requirements are vague and demanding just to apply. The $5000 submission fee is the least of the costs associated with it.
I agree with ander.
The US government are essentially looters and they will make the laws that allow legally allow them to loot you once bitshares become big enough, regardless of what the rules are today. Afterall, we already have retroactive laws.
Right behind you on that, but it's not going to happen until the shareholders are willing and able to fund CMX moving their entire families abroad. Either that or have bts be in a position to sack/fire CMX unless they move countries. Even then it's still unlikely.I agree with ander.
The US government are essentially looters and they will make the laws that allow legally allow them to loot you once bitshares become big enough, regardless of what the rules are today. Afterall, we already have retroactive laws.
Which is why, it is worth repeating, get cryptonomex out of the US if you can!!!!!.
Applicants must also provide an investigative background report prepared by an independent investigatory agency for each individual applicant, including information such as credit history, employment history, and motor vehicle ownership history. Three personal references from non-relatives are required for all applicants.http://cointelegraph.com/news/114681/new-york-releases-31-page-bitlicense-application-form
Virtual Currency Business Activity means the conduct of any one of the following types
of activities:
5. controlling, administering, or issuing a virtual currency.
QuoteVirtual Currency Business Activity means the conduct of any one of the following types
of activities:
5. controlling, administering, or issuing a virtual currency.
If CMX does anything remotely like this, then it needs a bitlicense.
Bitlicense is required for digital currency exchanges.User issued assets (what banx will be using) do include optional functionality to freeze, reverse and identify. These features can be locked on/off and unchangeable post-issuance
The BTS network provides backbone services to those exchanges.
So, the network should have the ability to serve the needs of any exchange that wants to be compliance with bitlicense.
Will the BTS network have these (optional) compliance widgets built in? or not?QuoteVirtual Currency Business Activity means the conduct of any one of the following types
of activities:
5. controlling, administering, or issuing a virtual currency.
If CMX does anything remotely like this, then it needs a bitlicense.
Also, having a bitlicense might help inform the CMX development team about what kind of network add-on features they might create that would help their clients (like CCEDK and banx.io) be in conformity with their own need for a bitlicense.
Bitlicense is required for digital currency exchanges.User issued assets (what banx will be using) do include optional functionality to freeze, reverse and identify. These features can be locked on/off and unchangeable post-issuance
The BTS network provides backbone services to those exchanges.
So, the network should have the ability to serve the needs of any exchange that wants to be compliance with bitlicense.
Will the BTS network have these (optional) compliance widgets built in? or not?QuoteVirtual Currency Business Activity means the conduct of any one of the following types
of activities:
5. controlling, administering, or issuing a virtual currency.
If CMX does anything remotely like this, then it needs a bitlicense.
Also, having a bitlicense might help inform the CMX development team about what kind of network add-on features they might create that would help their clients (like CCEDK and banx.io) be in conformity with their own need for a bitlicense.
Market pegged assets (bitUSD etc) are not issued by anyone, they are the product of an agreement between any two parties, anywhere in the world. These assets can't be frozen or controlled.
AFAIK CMX has not issued a UIA or any assets that allow for control, only built the system which enables that functionality.
Although I don't think CMX need one, I do see how it may be profitable in the future for cmx to sell their knowledge of the application. And newcomers looking to be 'compliant'/obedient could potentially feel more comfortable due to that fact.
But if this is something that members or profit-seeking entrepreneurs want to see then I think it would be best to set up this bitlicense-entity as entirely separate to CMX.
Is there really a need for a bit-license trailblazer?
www.dfs.ny.gov/legal/regulations/vc_license_application.pdfAll it's there.