Quote from: hazek on March 19, 2013, 12:48:44 AM

Quote from: evoorhees on March 19, 2013, 12:43:00 AM

There is good and bad in this news, but the net effect is extremely good. Bitcoin demolishes all resistance, and just entered the next phase of its evolution.

I just wonder how miners will cope with this news. Technically they could just buy gold and silver and sell that to avoid needed a license.. but still..

In some places, once you trade a certain volume of precious metals you're subject to AML/CFT regulations and need to register and report just like you'd need to if you were providing a financial services.

This news from FinSEC is less about virtual currencies and Bitcoin than it is about the services which have grown up around them. It makes abundantly clear that those services will be subject to regulation - which people were pretty much expecting would be the case. It just pre-empts the possibility of another PayPal style legal battle where a particular service argues that it's non subject to financial services regulations and AML/CFT requirements.