I don't really see a problem with it. Though the process for registering the weapons already in people's possessions might be difficult. Especially the private collectors out there that have rather extensive vaults of weapons.
I do feel there should be restrictions on the types of rounds that are available, but not necessarily the amount of rounds you own. For example, flachette, fragmantation, and explosive rounds that are currently on the market, SHOULDN'T BE.
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