Lybia begins seizing .ly domain names Good-bye bit.ly
Well it was not exactly front page news, but it is Big news if you are heavy into websites, like Rainers are. Here is the jist of it:
A year and a half ago, Rogers Cadenhead wrote a post, right after the company Bit.ly raised a bunch of money, pointing out that the .ly top level domain (TLD) is from Libya. He wondered if that might lead to trouble down the road, pointing out that the registrar states clearly that no .ly domains can be used in a way "contrary to Libyan law or Islamic morality."
So far as I know there are 200+ countries, so be careful of which domain suffix you use. If it is somebody else's property this is probably just like, if not exactly Copyright law