California's virtual currency license bill: Bad for innovation and business
There are good laws, bad laws, and, all too often, naive laws. Oh, and there are also bad, naive laws such as California’s AB 1326 which would:
… prohibit a person from engaging in any virtual currency business, as defined, in this state unless the person is licensed by the Commissioner of Business Oversight or is exempt from the licensure requirement, as provided … “Virtual currency business” means maintaining full custody or control of virtual currency in this state on behalf of others.
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