Texas Issues Guidelines on Virtual Currency
Bitcoin ATM providers and virtual currency exchanges may be subject to Texas licensing requirements, according to regulatory guidelines issued by the Texas Banking Commissioner on April 3. Whether business activities involving cryptocurrencies such as Bitcoin are subject to licensing requirements depends on the type of business, according to the Texas Department of Banking’s supervisory memorandum. Texas is one of the first U.S. states to provide specific guidance to Bitcoin ATM operators. Bitcoin ATM providers that allow users to exchange virtual currency for government-backed dollars are....
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Yesterday, Texas Congressman Steve Stockman introduced a new House Resolution (HR 5777) entitled: "To protect cryptocurrencies." Congressman Steve Stockman is a Republican, from Texas's 36th Congressional district, who has become one of cryptocurrency's most ardent supporters in politics. Back in May, Stockman introduced HR 4602: Virtual Currency Tax Reform Act after the IRS revealed its virtual currency guidance for taxation. Texas has established itself as one of the most friendly states towards Bitcoin and cryptocurrencies. Also read: Texan Congressman to Introduce Virtual Currency Tax....
The Texas Department of Banking has released a supervisory memorandum outlining its regulatory stance on digital currencies within the guidelines set by the Texas Money Services Act. The document draws a line of distinction between bitcoins and other digital currencies and sovereign currencies like the dollar. According to the memorandum, digital currencies are not recognized as legal tender in Texas because they lack backing from an institution like a central bank, do not have intrinsic value and do not carry any guarantees of redemption. Overall, the statements clarify the statutes which....
The Texas Department of Banking on Thursday released a supervisory memorandum on the topic of virtual currencies, chief of which include bitcoin. The five-page document serves to outline the Texas Department of Banking's policies toward virtual currency and express the Department's interpretation of the Texas Money Services Act with reference to virtual currency. The memo makes note of the following (condensed for the sake of brevity):"Exchange of cryptocurrency for sovereign currency between two parties is not money transmission." "Exchange of one cryptocurrency for another cryptocurrency....
The Dubai virtual assets regulator, the Virtual Asset Regulatory Authority (VARA), has unveiled digital assets marketing and promotion guidelines that are applicable to any entity using Dubai-based media sites and publishing channels. The guidelines will “ensure factual accuracy, explicitly demonstrate any promotional intent, and in no way mislead on the guaranteed nature of their returns.”
Guidelines Applicable to Dubai Licensed VASPs
Dubai’s regulator of virtual assets, the Virtual Asset Regulatory Authority (VARA), recently announced the guidelines....
Texas aims to catch up with other crypto-friendly states and then some, but commentators say that amending a state constitution won’t happen immediately. Everything is bigger in Texas, which is why it shouldn’t come as a surprise that the Lone Star state is making moves to become America’s next Bitcoin (BTC) hotspot. Most recently, Texas implemented two laws to ensure that cryptocurrencies are recognized under state commercial law. Texas House Bills 4474 and 1576 both took effect on Sept. 1, after being signed into law by Governor Greg Abbott this past June. While H.B. 1576 established a....