Operating a Bitcoin exchange in the United States has become a bit of a hassle lately, as various states are in the process of creating a regulatory framework for virtual currencies. As a result of this impending regulation, Bitcoin exchange operators will have to apply for specific money transmitter licenses, which are not cheap. But anything is possible, as the Laissez Faire exchange platform has demonstrated.
Laissez Faire is Legal in 49 US States Right Now
Over the past few months, there has been a shakeup of Bitcoin exchanges willing to pursue specific operating licenses. Ever since the BitLicense regulatory framework was announced, multiple exchange platforms have halted their services in the New York state area, whereas a handful of others are pursuing their licensing requirements.
New York is just the first of potentially many states drafting up their own Bitcoin regulatory requirements. Should every individual state require exchange operators to obtain a specific license in that region, insurmountable costs are on the horizon. Bitcoin startups will feel the brunt of these costs, as securing funding to get things moving along in a regular fashion is difficult enough.