California Moves Ahead With Burdensome Virtual Currency License
California may have a wealth of tech-savvy entrepreneurs anxious to create new businesses. But the state's lawmakers aren't doing them any favors as they move forward on a virtual currency license that saddles businesses with fees, paperwork and uncertainties. Businesses would have to pay a non-refundable fee of $5,000 just to apply for the license from the Commissioner of Business Oversight. Which makes one wonder about the bill's real intent. The Golden State's lawmakers aren't taking any time to study the ramifications of New York's recently-released Bitlicense before requiring their....
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California's State Assembly has approved a bill calling for digital currency companies to be regulated in a similar way to banks. Formulated by Assemblyman Matt Dababneh, chairman of California's Banking and Finance Committee, bill AB-1326 was approved following a 55-22 vote in favour. Currently undergoing review by California's Senate - having already completed the first of three readings - if passed, the bill would require digital currency businesses to obtain an annually renewable license from the Department of Business Oversight (DBO), unless they are exempt from doing so by the....
As California legislature prepares to vote on the Bitcoin License bill, Electronic Frontier Foundation expresses its concerns about its impact on Bitcoin ecosystem. The State of California is all set to follow New York’s footsteps. The Golden State has drafted a new digital currency regulation along the lines of New York’s BitLicense and it will be voted upon soon. The California Bitcoin License assembly bill designated as AB 1326 was first introduced by the Assembly member Matt Dababneh. Since its introduction in the month of February last year, it has gone through multiple amendments in....
A bill introduced to the California legislature aims to bring virtual currency businesses more clearly under the state's Money Transmission Act. Penned by Assemblyman Matt Dababneh, chairman of the state's Banking and Finance Committee, AB-1326 would prohibit virtual currency businesses from operating unless they are licensed by the Department of Business Oversight (DBO) or have received an exemption from the agency. Similar to the general financial code, license applicants would need to pay a non-refundable $5,000 fee to register; provide certain identifying information; and keep a....
A proposed digital currency bill has been amended in the California Senate to include a provisional application process for early-stage industry services. AB-1326, if passed, would require individuals and companies offering services that involve bitcoin or other digital currencies to first obtain a license. A new draft version of the bill, was amended and re-referred to the California Senate Committee on Banking and Finance on 6th July after it passed with a 55-22 vote in the State Assembly last month. Notably, a new change to the draft text enables small-scale business concepts to receive....
In response to the IRS announcing how they will treat Bitcoin and virtual currencies for tax purposes a petition to the White House, has been started to get it amended. This is Due to the overly burdensome way miners would have to keep track of earnings and unclear procedures for doing so. The petition has just been started, so it needs lots of signatures to get looked at by the White House and taken seriously. Here is what the petition states. WE PETITION THE OBAMA ADMINISTRATION TO: AMEND IRS NOTICE 2014-2Taxing virtual currency/bitcoin as property stifles new technology & creates....