North Carolina Exempts Select Bitcoin Businesses from Regulation
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....
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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.....
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....
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....
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....
Virtual currency advocates provided input to a North Carolina legislative committee Tuesday on a proposed rule to improve regulation of digital currency and blockchain related businesses. The Chamber of Digital Commerce, a trade association that promotes digital assets and blockchain technology, joined representatives of IBM and the Perkins Coie law firm in meeting with the North Carolina Senate Finance Committee. The state House of Representatives passed the North Carolina Money Transmitter Act in May by a 117-to-1 vote after being introduced in March at the Commissioner of Banks’....