Quick skimming reveals the license is a tiny $5000 to obtain , and essentially carries over standard anti-money laundering practices to the virtual currency businesses that would need to obtain this license to continue to operate , or be founded , within 45 days. It does require that licensees maintain adequate balances of all fiat and virtual currencies to match their customer's deposits as well as prohibiting virtual currency businesses from engaging in any trade with their customer's deposits (this is very good for customers and indeed bitcoin itself - these businesses having to maintain adequate balances and are not allowed to engage in insider style trading using customer deposits). It's hardly onerous and nothing unexpected - this is good news I gather that essentially it acts as a legally enforceable mechanism to have exchanges that fall under this license operate ethically and transparently. I'll also refrain from posting the full text , it being 44 pages long - it's easy to click on the link and to read it without the need to clog this thread with pages of text.