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Crypto Regulations in New York
Why are there so many regulations on earning cryptocurrency, for instance, earning interest on held crypto or using the popular Coinbase Earn, in New York?
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Saarah Rasheed @saarah95gmail-com
Saarah Rasheed @saarah95gmail-com
That’s just a regulatory measure that all companies must comply since they’re operating out of a particular jurisdiction and hence those laws are applicable to them. Same goes for individuals, you’re required to disclose to state all traceable income sources and assets so as to ensure that none are coming through illegitimate means. It may act as a hindrance for a perfect friction-less decentralized ecosystem of wealth but since we have to counter crimes and illicit practices, these restrictions enable some if not all, control over how the money flows and where it goes. Just a food for thought, what counter measures can a state take apart from restrictions of use?
N R @n-r
N R @n-r
Thank you for your insight! Do you think New York essentially being the financial hub of the US, since Wall Street and many financial firms are based out of Manhattan, has anything to do with why New York has more regulatory measures on crypto than other US states?
Saarah Rasheed @saarah95gmail-com
Saarah Rasheed @saarah95gmail-com
They just have a rather stronger stance for apparently protecting people against scams and all. Give this a read:
https://cointelegraph.com/news/blockchain-and-the-city-new-york-state-as-a-tough-model-of-crypto-regulation
N R @n-r
N R @n-r
Thank you for your help!