“Applying existing money transmission regulations to virtual currencies will effectively shut the door for many entrepreneurs. This is not just a doom and gloom prediction. The reason for this assessment is simple – cost. First, only applying for a license costs $3,000. (see details here) The cost includes a ‘non-refundable investigation fee.’ The cost of application alone will deter many potential entrepreneurs from applying. Second, in New York State, every person licensed to transmit money must post a surety bond with at least $500,000 in principal amount. A half a million surety bond will cost around $15,000 a year. $15,000 annually just to keep the money transmitter license seems a bit pricey.”
http://www.epaylaw.com/2013/08/25/state-regulation-virtual-currencies-will-complicate-compliance/
Tip Freedomwat.ch Staff with Bitcoin