Re:Apple will now be treated like a bank
by andrepd on Friday November 22, 2024 @04:52AM
(#42212492)
Simple rules are an antidote to corruption and inefficiency, but only if they are paired with transparency and a judicial system willing to enforce the spirit of the laws, lest they be easily gameable.
"willing to enforce the spirit of the laws, lest they be easily gameable."
That is the key, otherwise I see just lots of sub or "independent" companies handling just below 50,000,000 transactions on behalf of the big company.
This is such a simple, straightforward rule. No weird gotchas, exceptions, or whatever. Just the most basic test you can think of for "are you acting as a financial institution in the most obvious day-to-day sense of the term?" and a reasonably sane (I think?) threshold.
It's also so bloody easy to prepare for. Are you handling 1M transactions anually? No worries, keep doing your thing. Are you handling 20M transactions annually? You probably want to start planning. 40M p.a.? You want to be preempt the moment when you get regulated.