New Texas Memorandum Outlines Initial Bitcoin Exchange Guidelines
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....
Related News
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....
The full text of the Texas Department of Banking (DOB) memorandum, including introduction and analysis can be found here. The letter is from Charles G. Cooper, the Banking Commissioner and the formal subject of the memorandum is: Regulatory Treatment of Virtual Currencies Under the Texas Money Services Act. As is becoming increasingly clear in the United States, regulators are realizing that existing laws against money laundering and such crimes are more than all-encompassing enough to include Bitcoin. This memorandum clarifies which types of cryptocurrency transactions count as money....
Mainstreet Investments will hold a crowdsale of 50 million tokens on Jan. 15, 2017 to March 15, 2017, capped at $25 million. An initial token offering memorandum outlines the sale’s goals and objectives according to Intellisys Capital, the fund’s manager and general partner. The fund, led by Intellisys’ Chief Executive Officer Jason Granger and Charlie Shrem, the company’s chief technology officer, will try to change the way investment can occur through the use of blockchain technology. Raising The Bar. “We want to be as upfront and transparent as possible about the token offering and what....
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....
A major Korean securities broker and dealer has begun working with a local bitcoin exchange, moving closer to allowing access to the digital currency for its customer base. Business Korea reports that Daishin Securities Co. has signed a memorandum of agreement with Coinone, based in Seoul, to open up exchange services between bitcoin and the won. Daishin clients can also use bitcoin as a deposit option for the broker’s services. Beyond the integration between the two firms, the memorandum reportedly outlines plans to develop blockchain applications for stock services. Founded in the 1960s,....