From a1f1796cce9109241eef23b35c9028b2fbebd219 Mon Sep 17 00:00:00 2001 From: markdavidlamb Date: Fri, 18 Jul 2014 17:56:38 +0100 Subject: [PATCH] Deleting Satoshi clause Issuing virtual currency should not be a licensed activity. Centralised virtual/digital currencies (such as fiat currency) can be licensed, but issuing a new decentralised digital currency should not be a license-able activity, as the issuers have no control over how the currency is used and cannot keep a register of users or active/ongoing AML policy on all users of the decentralised virtual currency. --- README.md | 2 -- 1 file changed, 2 deletions(-) diff --git a/README.md b/README.md index 9c06587..bf0da97 100644 --- a/README.md +++ b/README.md @@ -88,8 +88,6 @@ For purposes of this Part only, the following definitions shall apply: 4. performing retail conversion services, including the conversion or exchange of Fiat Currency or other value into Virtual Currency, the conversion or exchange of Virtual Currency into Fiat Currency or other value, or the conversion or exchange of one form of Virtual Currency into another form of Virtual Currency; or -5. controlling, administering, or issuing a Virtual Currency. - *Statutory Authority: Financial Services Law, sections 102, 201, 301, and 302*