Well this is a bunch of bullshit. Fuck this state. Looks like I am out of the crypto space now. Guess Ill put a couple things on paper wallets and call it over. I already didnt get the news on time and had my funds on poloniex taken when my account was shut down when they didnt feel like buying the license. The thing is they made bitcoin a legal currency here so they can tax it. I am sure this will happen in every state eventually. no doubt about it.
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I would wait and see what happens. Maybe they change it to make it easier to follow.
All these businesses are left with the choice to buy a license to sell transfer funds using btc and they decline because really washington state is a small fraction of their earnings. I realized months ago when I found out about the bill that they could make bitcoin legal in every state and it would force these companies to go under because the only institutions that would be able to afford a license in all 50 states would be the big banks. The same thing happened with marijuana in this state. legalization is not decriminalization.
Interesting. That is kind of what I was thinking it kills the small player because they don't have the resources to deal with all the regulations leaving on the incumbents i.e. banks.
Exactly people in the space fail to acknowledge this fact. It will always take money to make money and if you dont have it you cant. The people that do will.