North Carolina Governor Signs Bitcoin-Friendly ‘Virtual Currency’ Law
North Carolina Gov. Pat McCrory has signed a law that defines “virtual currency” and clarifies what activity triggers licensure. The Chamber of Digital Commerce views the measure as a historical moment for state regulation of virtual currencies and blockchain technology. The ratification of the bill, also known as the North Carolina Money Transmitter Act, follows 16 months of deliberations between the chamber, the state’s General Assembly and the North Carolina Commissioner of Banks. The General Assembly approved the bill last month, CCN reported. Law Defines ‘Virtual Currency’. The law....
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New cryptocurrency legislation was passed into law North Carolina by Governor Pat McCrory. Signed on July 6, the “Money Transmitters Act” defines virtual currencies as permissible investments, electronic and digital mediums, and digital records. North Carolina Opts for Regulation. This law gives definition and representation to virtual currencies, such....
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....
The North Carolina Money Transmitter Act was recently extended to cover bitcoin traders with House Bill 289, signed in July 2016 by State Governor Pat McCrory. Deemed as the ‘virtual currency law’ in the state, the bill introduces a legal framework for regulating bitcoin and blockchain technology. While the legislation had to go through an elaborate and long discussion period, including the feedback of various stakeholders, the bill is seen today as business-friendly by many. It brings legal clarity in the field of virtual currencies in North Carolina, but does not open venues for....
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’....
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....