I personally, Really like this new system.
Though, as I was reading, I kept thinking of ideas to make it better, but you covered them as I read along, heh.
All the same, it's fine, except one thing that catches my attention is the:
2) The fee will be 3 gems (5, or even 10 if a higher price is prefered) for placing a bounty on someone's head.
and
5) Anyone with a bounty of over 10,000 gold will have their names displayed in every country.
Firstly, for #2, I don't think that would attract even more attention, who wants to put gems up just to have someone killed?
I just don't see how that would attract people.
And secondly, for #5, If several bounties cannot be claimed after 10,000 gold (let us say about 15 people, mostly sitters or very high ranked), then what would become of the page of the village?
Perhaps randomized loadings during each page refresh.
Like, how people in a village state the time, people can say (IE):
'Hey, did you hear? ___________ is still on the loose with a bounty of ____________!!'
With the overheard statement, you feel as though you should think about this bounty...
Or some better form of that, even so, perhaps those who are wanted get some type of (!) by their name in the PvP field or in the dwellings?
Or some type of thing in their bio stating their bounty and such.