Bitcoin Firm Xapo Cuts North Carolina Access
Bitcoin services provider Xapo has confirmed that it will no longer operate in the state of North Carolina. The company, which recently moved its headquarters to Switzerland, cited state-level regulation as the decisive factor behind its decision. Earlier today, one North Carolina customer posted a message on Reddit stating that they had received a 30-day closure notice. Speaking to CoinDesk, Wences Casares, founder of Xapo, said: "It is correct that we are not operating in North Carolina. We do not have a money transmitter license in that state and we think the effort to comply with their....
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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....
North Carolina is making a significant stride toward the integration of Bitcoin into its financial strategy. A recently introduced bill aims to enable the state treasurer to allocate a portion of public funds to digital assets, with a particular emphasis on BTC exchange-traded products (ETPs). North Carolina has become the 20th state in the United […]
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....
North Carolina has carved out regulatory exemptions for select bitcoin and blockchain businesses in a move industry supporters say avoids problematic provisions in place in other US states. In a substantial update to its money transmitter FAQ page, the North Carolina Office of the Commissioner of Banks (NCCOB) has exempted digital currency miners; non-financial blockchain services; and multi-signature and non-custodial wallet providers from the state's Money Transmitters Act (MTA). Notably, the exemptions are the result of collaboration between the NCCOB and industry advocacy group the....
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....