NCCOB: Bitcoin Regulation Already Within Scope of N. Carolina Money Transmitters Act
While the New York Department of Financial Services (NYDFS) is currently allowing members of the cryptocurrency community to comment on recently-released so-called 'BitLicense' regulations, it would appear as if North Carolina is taking more of a laid-back approach. The North Carolina Commission of Banks (NCCOB) - the agency responsible for financial regulation in the state - has said their idea is more about clarifying regulations as they apply to cryptocurrency as opposed to drafting anew. "Virtual currency regulation is already within the scope of the NC Money Transmitters Act. Our goal....
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North Carolina has carved out regulatory exemptions for select bitcoin and blockchain businesses in a move industry supporters say avoids problematic provisions in place in other US states. In a substantial update to its money transmitter FAQ page, the North Carolina Office of the Commissioner of Banks (NCCOB) has exempted digital currency miners; non-financial blockchain services; and multi-signature and non-custodial wallet providers from the state's Money Transmitters Act (MTA). Notably, the exemptions are the result of collaboration between the NCCOB and industry advocacy group the....
Digital currencies and lawmakers are formally crossing paths ever more frequently. In the US, it is North Carolina which most recently took on the challenge of marrying them together with local legislation – more pragmatically, it would seem, than in New York. While furor about the BitLicense scheme rages on further up the coast, NC’s primary financial regulator The North Carolina Commission of Banks (NCCOB) is mulling a refreshingly moderate approach for policy within state borders, coinfinance.com notes. The organization said yesterday: This “keeping pace” is set to occur in the form of....
A bill calling for specific regulation of digital currencies such as bitcoin has been approved by the North Carolina House of Representatives and has moved to the state Senate for further deliberation. House Bill 289 seeks to enact a new Money Transmitters Act (MTA), which would specifically address the transmission of virtual currencies such as bitcoin. It was submitted by Republican Representative Stephen M. Ross, who outside of his capacity as a state representative serves as a vice president and investment officer at Wells Fargo. He filed the bill on behalf of the North Carolina's....
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Following a majority vote of the North Carolina Senate, the General Assembly of the state has now approved the amendment of a statutory article – the North Carolina Money Transmitters Act. The move will see the term “virtual currency” added to the existing law. Bitcoin exchanges and other industry companies in North Carolina will now be mandated to obtain a money transmitter license following a vote by members of the North Carolina Senate. In May 2016, North Carolina state’s House of Representatives overwhelmingly voted in a 117-to-1 vote, seeking the update before the recent approval from....