Linden Lab Official:Policy regarding inworld banks - Revision history

Rand Linden at 23:05, 10 May 2011

2011-05-10T23:05:04Z

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	== Policy ==		== Policy ==
	The Second Life [http://secondlife.com/corporate/tos.php Terms of Service] prohibit offering interest or any direct return on investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter. This applies to inworld investment funds, stock offerings, and banking services and the like.		The Second Life [http://secondlife.com/corporate/tos.php Terms of Service] prohibit offering interest or any direct return on investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter. This applies to inworld investment funds, stock offerings, and banking services and the like.

Rand Linden: moved Linden Lab Official:Policy Regarding Inworld Banks to Linden Lab Official:Policy regarding inworld banks

2011-05-10T21:36:58Z

moved Linden Lab Official:Policy Regarding Inworld Banks to Linden Lab Official:Policy regarding inworld banks

← Older revision	Revision as of 14:36, 10 May 2011
(No difference)

Rand Linden: /* Policy */

2011-05-10T21:35:33Z

Policy

← Older revision		Revision as of 14:35, 10 May 2011
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	== Policy ==		== Policy ==
	The Second Life [http://secondlife.com/corporate/tos.php Terms of Service] prohibit offering interest or any direct return on investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter.		The Second Life [http://secondlife.com/corporate/tos.php Terms of Service] prohibit offering interest or any direct return on investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter. This applies to inworld investment funds, stock offerings, and banking services and the like.
	Linden Lab will remove any virtual ATMs or other objects that facilitate ~~the operation or facilitation of~~ inworld "banking," ~~i.e.~~, ~~the offering of~~ interest or a rate of return on L$ invested or deposited. Those who continue to offer these services may be sanctioned with suspension, termination of accounts, and loss of land.
			Linden Lab will remove any virtual ATMs or other objects that facilitate inworld "banking," that is, that offer interest or a rate of return on Linden dollars invested or deposited. Those who continue to offer these services may be sanctioned with suspension, termination of accounts, and loss of land.

	Usually, Linden Lab lets Residents decide how to act, live, or play in Second Life, but unregulated inworld "banks" brought substantial ecomonic risks to Second Life. Offering unsustainably high interest rates, they are in most cases doomed to collapse, leaving depositors with nothing to show for their investment.		Usually, Linden Lab lets Residents decide how to act, live, or play in Second Life, but unregulated inworld "banks" brought substantial ecomonic risks to Second Life. Offering unsustainably high interest rates, they are in most cases doomed to collapse, leaving depositors with nothing to show for their investment.

Rand Linden at 21:33, 10 May 2011

2011-05-10T21:33:23Z

← Older revision		Revision as of 14:33, 10 May 2011
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	== Policy ==		== Policy ==
	The Second Life [http://secondlife.com/corporate/tos.php Terms of Service] prohibit offering interest or any direct return on investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter.		The Second Life [http://secondlife.com/corporate/tos.php Terms of Service] prohibit offering interest or any direct return on investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter.

Rand Linden: /* Policy */

2011-04-29T16:37:56Z

Policy

← Older revision		Revision as of 09:37, 29 April 2011
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	To report a violation of this policy:		To report a violation of this policy:
	# Choose '''Help > Report Abuse''' in the Second Life Viewer		# Choose '''Help > Report Abuse''' in the Second Life Viewer.
	# Select '''Fraud > L$'''		# Select '''Fraud > L$'''.
	# Follow the instructions. '''IMPORTANT''': Be sure to include the word "bank" in your description.		# Follow the instructions. '''IMPORTANT''': Be sure to include the word "bank" in your description.

Rand Linden: /* Policy */

2011-04-29T16:36:57Z

Policy

← Older revision		Revision as of 09:36, 29 April 2011
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	This prohibition does not apply to companies that submit a registration statement, charter, or other applicable license from a governing regulatory authority; or those merely conducting marketing or education, but not accepting payments.		This prohibition does not apply to companies that submit a registration statement, charter, or other applicable license from a governing regulatory authority; or those merely conducting marketing or education, but not accepting payments.

	To report a violation of this policy~~, choose~~ '''Help > Report Abuse''' in the Second Life Viewer~~, and follow~~ the instructions ~~given~~.		To report a violation of this policy:
			# Choose '''Help > Report Abuse''' in the Second Life Viewer
			# Select '''Fraud > L$'''
			# Follow the instructions. '''IMPORTANT''': Be sure to include the word "bank" in your description.

	== FAQs ==		== FAQs ==

Rand Linden: /* What is the reason for this policy? */

2011-04-28T23:38:12Z

What is the reason for this policy?

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	===What is the reason for this policy?===		===What is the reason for this policy?===

	There are several reasons that ~~make~~ an inworld banking policy necessary:		There are several reasons that an inworld banking policy is necessary:
	* Legal risks raised by such activity;		* Legal risks raised by such activity.
	* Before this policy was enacted, several of these "banks" defaulted on their obligations		* Before this policy was enacted, several of these "banks" defaulted on their obligations.
	* Unsustainably high interest rates offered by many of these banks make it likely that others will default as well, which will have a negative effect on Second Life's virtual economy.		* Unsustainably high interest rates offered by many of these banks make it likely that others will default as well, which will have a negative effect on Second Life's virtual economy.

Rand Linden: /* FAQs */

2011-03-30T21:50:10Z

FAQs

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 Linden Lab can't and won't become a virtual banking regulator. Banking regulation, whether in the real or virtual world, is complex and intensive, and is a government activity. Linden Lab is not empowered to regulate the businesses of banking or securities. We can and will take steps, however, to ensure the stability of the Second Life economy, and that is what we are doing.
 ===Are any other inworld businesses, such as stock exchanges, covered by this policy?===
-As of today, this policy is focused on objects and schemes that involve real-time transfers of L$ and payment of interest or rates of return. Exchanges may or may not do this, so they may or may not be covered. In addition, we reserve the right to remove any objects and take action against any Residents who are violating U.S. or other laws. If you are unsure whether a business you're operating abides by applicable laws (e.g., banking, securities laws), you should get a formal legal opinion, from a personal lawyer acting on your behalf.
+This policy is focused on objects and schemes that involve real-time transfers of L$ and payment of interest or rates of return. Exchanges may or may not do this, so they may or may not be covered. In addition, we reserve the right to remove any objects and take action against any Residents who are violating U.S. or other laws. If you are unsure whether a business you're operating abides by applicable laws (for example banking or securities laws), you should get a formal legal opinion, from a lawyer acting on your behalf.
 [[Category:Policies]]

Rand Linden at 21:48, 30 March 2011

2011-03-30T21:48:40Z

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 <noinclude>{{KBmaster}}</noinclude>
+== Policy ==
 The Second Life [http://secondlife.com/corporate/tos.php Terms of Service] prohibit offering interest or any direct return on investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter.
 Linden Lab will remove any virtual ATMs or other objects that facilitate the operation or facilitation of inworld "banking," i.e., the offering of interest or a rate of return on L$ invested or deposited.  Those who continue to offer these services may be sanctioned with suspension, termination of accounts, and loss of land.
@@ Line 9: / Line 9: @@
 To report a violation of this policy, choose '''Help > Report Abuse''' in the Second Life Viewer, and follow the instructions given.
 [[Category:Policies]]

Rand Linden: moved Linden Lab Official:New Policy Regarding Inworld Banks to Linden Lab Official:Policy Regarding Inworld Banks

2011-03-30T21:33:05Z

moved Linden Lab Official:New Policy Regarding Inworld Banks to Linden Lab Official:Policy Regarding Inworld Banks

← Older revision	Revision as of 14:33, 30 March 2011
(No difference)