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currency exchangers

This tag is associated with 15 posts

2014-03-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in crypto-currencies’ race to maturity with links to trusted sources.

Phew.  Short month, but no shortage of shocking news in February!

The  Key February 2014 Crypto-Events were:

2014-02-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in crypto-currencies’ race to maturity with links to trusted sources.

The  Key January 2014 Crypto-Events were:

What Would a BitLicense Look Like?

[Reading Time: 7 minutes]

Last November, the New York State Department of Financial Services issued a notice communicating its intent to hold a hearing on virtual currencies, with the purposes of reviewing “the interconnection between money transmission regulations and virtual currencies,” and considering “the potential issuance of a BitLicense specific to virtual currency transactions and activities.” The hearings are scheduled to be held on January 28 and 29 in downtown Manhattan.

I thought it would be useful to start a conversation on this topic by offering my experience-based perspective on the New York state licensing and examination process, and by posing a few trigger questions.

By way of background, the reason virtual currencies, New York and licensing appear in the same sentence is that in March of 2013, the United States federal government issued guidance equating virtual currency exchangers and administrators with money transmitters, a category of non-depository financial institution that in the United States, to the chagrin of crypto-preneurs worldwide, is subject to licensure by individual states.  Licensing is intended to subject industry participants to a supervisory authority primarily for purposes of Continue reading

2014-01-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in crypto-currencies’ race to maturity with links to trusted sources.

The  Key December 2013 Crypto-Events were:

The Criminal Precedent that Could Curb Bitcoin’s Enthusiasm

[Reading Time: 10 minutes]

In July of 2008, after months of wrangling with the Department of Justice (DOJ), E-Gold, Ltd.’s senior management and directors pleaded guilty to the following charges:

  • Conspiracy to Launder Monetary Instruments (federal)
  • Conspiracy to Commit an Offense Against the United States (federal)
  • Operating of Unlicensed Money Transmitting Business (federal)
  • Transmitting Money Without a License (District of Columbia)

What does E-Gold have to do with Bitcoin?

Well, as soon as I describe what E-Gold was and did, you’ll see that the parallels with Bitcoin and its crypto-brethren are remarkably similar.  I will be quoting from the indictment itself, underlining Bitcoin-relevant language, and adding comments in brackets:

  1. E-Gold was an issuer of “digital currency,” defined as a medium of exchange offered over the Internet Continue reading
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