Cryptocurrency users in the United States know how New York is a problematic region. It has the BitLicense requirement, as well as other types of regulation. All of these “features” make it increasingly difficult for any company to make a name for itself in this particular region. ShapeShift is one of the companies which can’t provide services in New York. The other region where they are prohibited from operating in North Korea. Not the kind of list New York wants to be on by any means.
It is always quite funny to see how cryptocurrency companies poke fun at specific regions of operation where they encounter issues. For many Bitcoin-related services, New York is one of those problem areas. Not just the city of New York, mind you, but the entire state. Most of these issues stem forth from the BitLicense regulation, which was introduced not too long ago.It is evident such regulatory tools are designed to make life extremely difficult for cryptocurrency companies. Moreover, only a handful of businesses effectively received their Bitlicense. New York simply isn’t the place to be for cryptocurrency purposes these days.
ShapeShift Jests at NY Regulations
It has to be said, there is one other main region in the world suffering from the same issues, mind you. That region is North Korea, which should never be on the same level as one of the US’s top states. Then again, they both have this negative stance on cryptocurrency in common. ShapeShift effectively pokes some fun at this fact in their FAQ. It goes to show there’s still some minor bad blood over their NY departure. Then again, the company has been very successful regardless of this one US state. No one can deny ShapeShfit is almost a household name.
However, this FAQ points out a major issue as far as regulation is concerned. If New York state is on the same level as North Korea when it comes to cryptocurrency, there’s a major problem. After all, it’s not a country anyone wants to be associated with right now. Then again, these odd similarities need to be pointed out regardless. It’s not a good sign for NY state by any means, though. After all, their BitLicense requirement is pretty ridiculous, to say the least. Up until this point, it hasn’t become easier to obtain either by any means. It’s doubtful that the situation will ever change, though.
All things considered, this goes to show regulation is not the answer as far as cryptocurrency is concerned. More specifically, they hinder growth more than anything else. That isn’t entirely surprising either, as various government officials would like to see cryptocurrency go away completely. That will not happen by any means, though. Companies providing related services will simply take their business elsewhere. That’s bad news for specific regions with regulation in place, but it’s also to be expected.
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