North Carolina mulls Legislation, but not a BitLicense in sight
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....
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It is important to note this Bitcoin legislation is not all negative, though. Chamber of Digital Commerce president Perianne Boring is a public supporter of this new law. Bitcoin and regulation are two topics that will hardly ever go hand-in-hand these days. North Carolina Governor Pat McCrory has been signing a lot of legislative proposals as of late. Among these guidelines is a new set of Bitcoin legislation, allowing banks to “better regulate” the cryptocurrency in the state. So far, regulatory efforts for the Bitcoin space have not been overwhelmingly positive. BitLicense in New York....
New cryptocurrency legislation was passed into law North Carolina by Governor Pat McCrory. Signed on July 6, the “Money Transmitters Act” defines virtual currencies as permissible investments, electronic and digital mediums, and digital records. North Carolina Opts for Regulation. This law gives definition and representation to virtual currencies, such....
A recently drafted piece of legislation covering bitcoin regulation and cryptocurrency activity oversight has advanced in the North Carolina Senate. The Commerce Committee already gave its stamp of approval to SB 680, which was originally filed in March and gained a majority 117-1 vote from the state's House of Representatives in May. This bitcoin regulation bill would give the state banking commissioner authority over money transmitting operations, which span bitcoin exchanges and virtual currency creators. Bitcoin Regulation Implications. While not as strict as New York's BitLicense, the....
The North Carolina Commissioner of Banks has released a document specifying in plain English what the virtual currency exemptions are according to its Money Transmitters Act (NC MTA): virtual currency miners. Blockchain 2.0 technologies; multi-signature software; and non-hosted, non-custodial wallets are generally not subject to the NC MTA. The clarification of its position on virtual currency comes at a time when most states have withdrawn from comment nearly altogether, in a wait-and-see-what-everyone-else-is-doing kind of approach. Or, in the case of New York, BitLicense has addressed....
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....