California Department of Business Oversight Thinks it Can Regulate Bitcoin
California state officials are considering the creation of a set of regulations that would seek to inform consumers of the risks associated with using virtual currencies while simultaneously creating safeguards against said risks. The Department of Business Oversight claims that the state's money transmitter laws, which are currently used to regulate business such as Western Union, are applicable to Bitcoin. Speaking with Bloomberg, California Department of Business Oversight spokesperson Tom Dresslar said: The consensus among staff is that the department and commissioner could regulate....
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California’s Department of Business Oversight has concluded that they have the authority to regulate virtual currencies. Bitcoin is big business in the Golden State. No other state can match its number of Bitcoin-accepting merchants. The state has nearly 400 businesses that accept BTC as payment for goods and services, with only some of them located in the large cities. As Bitcoin becomes more widely accepted, government agencies begin sharpening their regulatory knives. The first agency in California to take this plunge is the state’s DBO. The Department of Business Oversight is....
The California Department of Business Oversight (DBO) has released a statement denying that Coinbase's new exchange is licensed to operate in the state under existing money transmission laws. In a press release, the state's financial services and money transmitters regulator called unnamed press reports that have stated that Coinbase had received regulatory approval to operate its exchange in California mistaken. In its statement, the agency said it was seeking to "correct erroneous reports that Coinbase Exchange has received regulatory approval from the State". DBO Commissioner Jan Lynn....
Although home to a sizeable majority of the burgeoning bitcoin industry, California has been relatively quiet on the subject of whether it will seek to regulate digital currency businesses. However, this could soon change, according to new statements from California's Department of Business Oversight (DBO), the state's financial services and money transmitters regulator. Speaking to CoinDesk, spokesperson Tom Dresslar confirmed his agency intends to hold a meeting in mid-December that could determine if and when California will decide to clarify the actions the bitcoin industry must take....
Following the BitLicense framework in New York, another US state is considering implementing legislation for bitcoin legislation. According to the California Department of Business Oversight (DBO), it has decided not to exercise its authority to regulate bitcoin and digital currencies. Instead, the agency will leave this up to state legislature. However, DBO spokesperson Tom Dresslar said that they haven't finalized their decision. "We're still in the process of how or if at all to regulate virtual currency business under our current statutory scheme," he explained. California Bitcoin....
The California Department of Business Oversight (DBO) released conflicting statements today regarding how bitcoin regulation will move forward in the most populous US state. In statements to Bloomberg, the DBO stated that it had elected not to exercise its authority to regulate bitcoin and digital currencies, instead passing this determination to the state legislature. DBO spokesperson Tom Dresslar explained his department's decision in conversation with Bloomberg, first stating that he believed that the legislature would be best suited to draft a regulatory regime in the best interest of....