Wyoming Lawmakers Propose Equality For Cryptocurrency Transmitters
Lawmakers in the State of Wyoming have proposed a bill to require that cryptocurrency be treated the same as fiat currency under the state’s money transmitter’s act, according to the Wyoming Tribune Eagle. The purpose of the bill is to encourage bitcoin-friendly companies to want to do business in the state. Under the current law, a money transmitter that wants to conduct a bitcoin transaction has to hold in reserve the transaction amount in both fiat and in bitcoin; double the amount being sent. House Bill 26 would only require them to hold the amount being sent. The bill’s main sponsor,....
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A group of Wyoming legislators has introduced a bill that, if passed, would ease a key regulatory burden on money transmitters in the state that work with bitcoin and other digital currencies. HB0026, introduced on 20th January, seeks to add a definition for digital currencies to a list of "permissive investments", or assets like cash or securities that must be held by a money services business equal to the amount of its existing payment obligations, to the Wyoming Money Transmitters Act. The four-page bill excludes virtual currencies like rewards points, and would take effect on....
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On 9th February, a group of Republican and Democrat representatives and senators, put forward a bill that may end the ban on Bitcoin and other cryptocurrency exchanges in the US state of Wyoming. Bitcoin Ban. Despite the growing acceptance of Bitcoin as a legitimate means of transaction and the increased usage of the cryptocurrency by businesses and customers alike, in Wyoming, as of mid-2014, nearly all trading of not only Bitcoin, but all cryptocurrencies, has almost completely ceased. This is due to the Wyoming Money Transmitters Act that was introduced in Chapter 22 of Title 40 - Trade....
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