Quote from: Ragnarly on July 17, 2014, 07:20:46 PM

I'm shocked at the comments on this thread. Do you all work for JP Morgan or FinCen? The reddit thread has a deeper, broader analysis: http://www.reddit.com/r/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/

Highlight:

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Proposed Regulations (TL;DR):

   45 days for existing businesses to comply with the new regulations and register with the state.

   Background check required for all employees/founders.

   Fingerprints of the above submitted to FBI.

   Requires a bond held with New York State.

   Requires written approval of all new business activities/offerings.

   Requires that you keep 10 years of records of business transactions.

   Virtual currency accounts not active for 5 years must be handed over to the state.

   Retained earnings and profits of the company can ONLY be invested in US dollars: Federal bonds, state bonds, or money market funds.

   Mandatory reviews every 2 years: financial condition, safety/soundness of business, policies...

   Quarterly financial statements required within 45 days of the closing of each quarter.

   Financial statements must be audited, use GAAP.

   Typical AML/KYC requirements.

   Cybersecurity requirement: requires security officer, security plan, audits, backup plan.

   In marketing/advertising, you must include "Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services."

   Must disclose a long list of material risks with dealing with virtual currency: e.g., "not legal tender, backed by any government"

Requires a bond held with New York State.
Does any know the amount of the bond?

The above list does look awful, why was everyone (including me) so quick to react like a crowd of (mostly) happy sheep? Shocked