The Govener of New Hampshire Signed A Bill Earlier This Month That Explicitly Protects Bitcoin and Cryptocurrency From Money Transmitter Laws. by cryptofreedom

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The Govener of New Hampshire Signed A Bill Earlier This Month That Explicitly Protects Bitcoin and Cryptocurrency From Money Transmitter Laws.
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<h3>The Governor of NH signed Bill HB 436 on June 7th,which explicate protects cryptocurrencies by freeing them from all money transmitter laws..</h3>
<p>New Hampshire is considered the most 'free' state within the US, and has always been on the forefront of providing their citizens with the utmost level of freedom. I must admit that I don't know a ton about New Hampshire, but I have read and heard it mentioned in the context of enabling their citizens significant levels of freedom. I was actually planning to elaborate on the upcoming proposed legislation requiring the declaration of cryptocurrency holdings in excess of $10,000 USD at the border, but was pleasantly surprised when I stumbled across this article. There is nothing more dangerous than regulations being thrown together out of 'fear', like we saw with the Bitlicense within New York, which virtually makes it illegal for individuals to buy or sell cryptocurrencies without being a registered Money Service Business.</p>
<p>https://1.bp.blogspot.com/-Vk3D3b5mgqQ/WJF8Bv3oGUI/AAAAAAAADP8/pmr8Mv95dmUT9D9rlJv_yS3l3lhZTjXfwCLcB/s1600/new_hampshire_HB436_2017_bitcoin_dinbits.png</p>
<p>While these types of unfair and oppressive regulations don't have a significant ability to control the use of cryptocurrencies by their citizens, it did cause nearly all Bitcoin and cryptocurrency firms that were operating in New York to relocate. You can't even legally buy Bitcoin through localbitcoins if you are a New York resident, and all sellers specifically state that they are unable to service customers who reside in New York. The Bitlicense regulation in New York was likely a regulation made out of impulse, and it has been a major disservice to the citizens of New York. Whatever reason they cited for the regulation, such as fears of money laundering, terrorism funding, ect. are all exaggerated and don't depict the true reality.&nbsp;</p>
<p>When we consider all of the individuals who reside in New York who are legally unable to participate in the cryptocurrency market, it really makes me feel for all of those individuals. This post wasn't supposed to be political or freedom focused, but negative regulations really can have a lasting negative impact on those individuals that they affect. The saddest part of it all is that regulation will do nothing to weed out the bad actors who wish to use Bitcoin for nefarious purposes, but it will have the largest impact on those everyday people who are unable to experience the benefits and additional freedoms that cryptocurrencies enable. I think that the individuals who wish to use cryptocurrencies for illegal purposes will always be able to shield their activities from authorities, which really just leads me to conclude that attempting to regulate cryptocurrencies unfairly is simply useless.&nbsp;</p>
<h3>New Hampshire is now the most bitcoin friendly state, and I think we will see it become a hub for US based cryptocurrency businesses.&nbsp;</h3>
<p>What the regulation actually does is it enables cryptocurrencies to not be regulated under the money transmitter laws, meaning it is very easy to buy and sell cryptocurrencies without having to worry about breaking any MSB laws. This has always been a huge issue and a reason why the cryptocurrency market is still relatively illiquid, but I believe this type of safety will enable many new individuals and businesses to begin to offer services for buying and selling cryptocurrencies. Liquidity is a very important factor for any cryptocurrency that wishes to be used as a method of sending, receiving, and storing value, but the cryptocurrency market remains much less liquid than it should/could be. There is an easier access to liquidity now than there ever has been before, and I have to assume that it will only continue to increase into the future.&nbsp;</p>
<p>http://s3.amazonaws.com/main-newsbtc-images/2017/02/01152821/shutterstock_372683074.jpg</p>
<p>What makes me the happiest about the way that the Bill was passed in New Hampshire, is the fact that the government called upon individuals and groups within the cryptocurrency community to help them come to their decision. When regulators and individuals involved in the industry are able to come together to form these regulations in a way that promotes development, advancement, and investment into the industry, the regulations are likely to be much better for individuals and businesses who are active in the space. While there are still many individuals in the cryptocurrency community who are opposed to any form of regulation, I have to believe that regulation is approaching relatively quickly. The total market capitalization of cryptocurrencies is above 100 billion dollars, so the government will likely attempt to get their piece of that.&nbsp;</p>
<p>I really hope that we continue to see rational and fair regulation in the cryptocurrency industry into the future, because it will make development and advancement much faster and easier. While cryptocurrencies will continue to develop with or without regulations, fair and realistic regulations like the Bill passed in New Hampshire will do nothing but promote development and increase the safety for individuals working in the industry. Many people likely still have a negative view of cryptocurrency, but regulations such as HB 463 will be very effective at changing that.&nbsp;</p>
<p><em><strong>I really hope that you enjoyed this post, and I urge you to leave any comments, questions, input, ect. in the comments below! Thanks for reading and all of the support!</strong></em></p>
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<p><strong>Link to bill</strong>: https://legiscan.com/NH/bill/HB436/2017</p>
<p><strong>Article</strong>: &nbsp;http://freekeene.com/2017/06/07/nh-governor-signs-bill-protecting-bitcoin-cryptocurrency-from-regulation/</p>
<p>image sources:<a href="https://1.bp.blogspot.com/-Vk3D3b5mgqQ/WJF8Bv3oGUI/AAAAAAAADP8/pmr8Mv95dmUT9D9rlJv_yS3l3lhZTjXfwCLcB/s1600/new_hampshire_HB436_2017_bitcoin_dinbits.png">1</a>-<a href="http://s3.amazonaws.com/main-newsbtc-images/2017/02/01152821/shutterstock_372683074.jpg">2</a></p>
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@deaddy ·
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thanks for sharing this.
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