Bitcoin Regulation Bill Advances in North Carolina
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....
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A legislative bill that would cover bitcoin and digital currency related business activities has advanced in the North Carolina Senate. According to the The Associated Press, the Senate Commerce Committee gave its stamp of approval to SB 680, which was originally filed in March. The bill passed in the North Carolina House of Representatives by a wide majority of 117-1 in May. As noted by a spokesperson for the North Carolina's Commissioner of Banks at the time, the bill - which amends the state's Money Transmitters Act - covers any activity "involving a personal, family or household....
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....
Like New York, many began looking at North Carolina with a questioning eye when it was announced the state would look into Bitcoin regulation earlier this year. The bill calling for regulation has advanced since it came to fruition in July, and many businesses and digital currency enthusiasts were ready to pack their bags in the event that things elevated from there. As we reach the end of 2015, it appears as though there are exceptions within the bill's lawful grasp. North Carolina is looking to be the new arena for cryptocurrency regulation, but not everyone will be regulated, it seems.....
The North Carolina Senate Commerce Committee has agreed to support a House Bill drafted by North Carolina's banking commissioner regarding money transmission. The bill, titled "AN ACT TO ENACT THE NORTH CAROLINA MONEY TRANSMITTERS ACT AS 3 REQUESTED BY THE OFFICE OF THE NORTH CAROLINA COMMISSIONER OF 4 BANKS," states that money transmission includes maintaining control of virtual currency on behalf of others, and that the "online-only money" [bitcoin] is converted to cash using digital currency exchanges and the holder keeps it stored online. The bill passed the House back in May and is in....
Following the advance of North Carolina's revamped Money Transmitters' Act earlier this month, bitcoin services provider Xapo announced that it will no longer be operating in the state. The company cited state-level regulation as the main factor in their decision. The North Carolina Senate has already passed the bill covering bitcoin services regulation and is pending approval of the state's governor. Upon this, the bill would mandate minimum net worth requirement of $250,000 for applicants. Businesses would also be required to post a surety bond of $150,000, an amount subject to change....